This week, the spot price of refined cobalt stabilized and rebounded. On the supply side, affected by raw material shortages and increasing losses, smelters continued to reduce production, maintained long-term contract supplies, and actively refused to budge on prices. After domestic futures prices stabilized, traders temporarily halted price cuts and slightly raised their quotes. On the demand side, as the summer break approaches its end, some downstream producers began purchasing in the market. However, due to high cobalt prices compressing their profit margins, demand remained relatively weak. Coupled with still high social inventory, downstream buyers were reluctant to accept high prices, resulting in limited actual transactions. In the future, under the influence of raw material shortages, rising prices of cobalt intermediate products and cobalt salts are expected to drive up refined cobalt prices. However, high inventory levels and relatively sluggish demand will likely pose some constraints on price increases.
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
