[SMM Weekly Review] This week, the spot price of cobalt intermediate products continued to maintain an upward trend

Published: Aug 28, 2025 17:48

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[Weekly SMM Review] This week, the spot price of cobalt intermediate products continued to rise. Overseas traders were optimistic about the upward trend, with overseas market prices continuously increasing and a small volume of transactions in the domestic market at $13.3/lb. On the supply side, major miners maintained their stance on refusing to budge on prices, while traders continued to raise quotes and control the pace of shipments. On the demand side, the increase in cobalt salt prices was slower than that of intermediate products. Smelters maintained a just-in-time procurement rhythm, with few transactions above $13.1/lb. Some companies, due to severe losses from production costs, sold off raw material inventory in the market. Overall, influenced by the DRC's policy extension, China's cobalt intermediate products will continue to face raw material shortages in the future, providing upward momentum for prices. However, during this process, attention should be paid to how the rise in raw material prices may suppress downstream demand.

This week, the spot price of cobalt intermediate products continued to rise. Overseas traders were optimistic about the upward trend, with overseas market prices continuously increasing and a small volume of transactions at $13.3/lb in the domestic market. On the supply side, major miners maintained their stance on refusing to budge on prices, while traders continued to raise quotes and control the pace of shipments. On the demand side, the increase in cobalt salt prices was slower than that of intermediate products. Smelters maintained a just-in-time procurement rhythm, with few transactions above $13.1/lb. Some companies, due to severe losses from production costs, sold raw material inventories in the market. Overall, influenced by the DRC's policy extension, China's cobalt intermediate products will continue to face raw material shortages in the future, providing upward momentum for prices. However, during this process, attention needs to be paid to the suppression of downstream demand caused by the rise 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 Wenhan 021-51666872

Zhou Zhicheng 021-51666711

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