[SMM Weekly Review] Cobalt Sulphate Spot Prices Rose This Week

Spot cobalt sulphate prices rose further this week. Supply side, smelters and traders raised their quotation ranges daily, with current cobalt intermediate product smelter offers at 57,000-59,000 yuan/mt, while MHP, recyclers, and traders gradually raised their offers to 56,000 yuan/mt. Demand side, downstream enterprises are still in the traditional peak season, with some still restocking, but since the latter half of last week, sustained cobalt salt price increases have dampened buyer sentiment, and the highest price currently acceptable to downstream remains concentrated around 55,000 yuan/mt. Supported by rising raw material costs and downstream peak season restocking demand, cobalt sulphate prices are expected to hold up well in the short term. However, the extent of further price increases still requires close attention to downstream enterprises' acceptance of sustained cobalt salt price rises; if price transmission is hindered, it may constrain upside room.

SMM New Energy Research Team

Cong Wang 021-51666838

Rui Ma 021-51595780

Disheng Feng 021-51666714

Yanlin Lü 021-20707875

Wenhao Xiao 021-51666872

Zhicheng Zhou 021-51666711