[SMM Weekly Review] This week, the spot price of cobalt sulphate rose slowly

This week, the spot price of cobalt sulphate rose slowly. On the supply side, influenced by the continuous rise in production costs, mainstream smelters maintained their refusal to budge on prices, with some enterprises quoting prices at 54,000 yuan/mt. Traders held a bullish sentiment, halting quotes for old cargoes and following the upward trend in quotes for new cargoes. On the demand side, there was not much old cobalt sulphate cargo available in the market. When purchasing, enterprises needed to gradually start buying new, higher-priced cargoes from smelters or traders. Some ternary cathode precursor enterprises reported that they could currently accept prices around 5.0. As there was still a certain gap between the prices quoted by buyers and sellers, overall market transactions remained relatively sluggish this week. It is expected that under the influence of the continuous rise in raw material costs, cobalt sulphate prices may continue to maintain a strong trend in the short term. However, during this process, it is still necessary to observe the actual purchase situation of downstream enterprises.

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