This week, the spot price of refined cobalt maintained a fluctuating trend in the doldrums. On the supply side, due to the continuous rise in the price of cobalt intermediate products, the economic viability of refined cobalt production has weakened, leading smelters to cut or even halt production. Those still in operation have generally maintained a stance of refusing to budge on prices. The domestic futures market has recently jumped initially and then pulled back, with traders offering a slight correction in their quotes. On the demand side, the current social inventory of refined cobalt remains high, and most downstream producers continue to adhere to a just-in-time procurement rhythm. Traders have reported that some downstream enterprises had already stocked up in advance before the recent rebound in refined cobalt prices, and currently, their inquiries are weak. Overall, given the high temperatures during the summer break and the recent high volatility in the refined cobalt market, downstream purchase willingness is relatively weak, and actual transactions are sluggish. In the short term, it is expected that the price of refined cobalt will maintain a fluctuating trend, and subsequent price movements will require close attention to cost increases and actual downstream procurement activities.
SMM New Energy Research Team
Wang Cong 021-51666838
Ma Rui 021-51595780
Feng Disheng 021-51666714
Lv Yanlin 021-20707875
Xiao Wenhao 021-51666872
Zhou Zhicheng 021-51666711
