[SMM Weekly Review] The spot price of cobalt sulphate temporarily stabilized this week

This week, the spot price of cobalt sulphate temporarily stabilized. On the supply side, smelters and traders maintained their refusal to budge on prices. The upstream shipping sentiment factor was 2.02 (compared to 2.00 last week). The smelting quote for cobalt intermediate products was 54,000 yuan/mt, while MHP and recycling enterprises offered quotes ranging from 51,000 to 52,000 yuan/mt. Traders offered quotes for older stock ranging from 49,500 to 50,000 yuan/mt. On the demand side, cobalt tetroxide (Co3O4) producers and smelters continued to maintain a just-in-time procurement rhythm, preferring to purchase older stock. The downstream purchasing sentiment factor was 1.94 (compared to 1.92 last week). The actual transaction price in the market remained around 50,000 yuan/mt. It is anticipated that, under the influence of continuously rising raw material costs, cobalt sulphate prices may continue to maintain a strong trend in the short term. However, the extent of the price increase still depends on the actual procurement situation downstream.

SMM New Energy Research Team

Cong Wang 021-51666838

Rui Ma 021-51595780

Disheng Feng 021-51666714

Yanlin Lv 021-20707875

Wenhao Xiao 021-51666872

Zhicheng Zhou 021-51666711