[SMM Weekly Review] The spot price of cobalt intermediate products maintained an upward trend this week

Published: Aug 7, 2025 18:09

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[SMM Weekly Review] This week, the spot price of cobalt intermediate products maintained an upward trend, with some enterprises reporting a small volume of transactions for mainstream brands around 13. On the supply side, mainstream miners maintained their refusal to budge on prices. After the price increase, traders resumed offering quotes but controlled the pace of shipments. On the demand side, some smelters began purchasing intermediate products in the market, but due to the high prices, the trading volume remained relatively limited for the time being. Overall, affected by the DRC's extension policy, China's cobalt intermediate products will still face raw material shortages in the future, and there is upward momentum in prices. However, attention needs to be paid to the inhibition of downstream demand caused by the increase in raw material prices during this process.

This week, the spot price of cobalt intermediate products maintained an upward trend, with some enterprises reporting a small amount of trading volume for mainstream brands near 13. On the supply side, mainstream miners continued to refuse to budge on prices. After the price increase, traders resumed offering quotes but controlled the pace of shipments. On the demand side, some smelters began purchasing intermediate products in the market, but due to the high prices, the trading volume remained relatively limited for the time being. Overall, affected by the DRC's delayed policy, China's cobalt intermediate products will still face raw material shortages in the future, and there is upward momentum in prices. However, during this process, attention needs to be paid to the inhibition of downstream demand by the increase in raw material prices.

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

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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