[SMM Weekly Review] Domestic Spot Refined Cobalt Prices Fluctuated Upward This Week

This week, domestic spot refined cobalt prices fluctuated upward, but overall market trading activity showed limited change compared to last week. Supply side, mainstream smelters maintained long-term contract supply, while traders quoted prices following futures. Demand side, downstream enterprises had low acceptance of the current high cobalt prices, with procurement still focused on rigid demand, and actual market transactions were sluggish. The rise in refined cobalt prices this week was mainly driven by the continuous increase in prices of cobalt intermediate products and cobalt salts; however, its own high inventory levels and relatively weak demand still exerted some suppression on the price increase. Subsequent attention should be paid to the price spread between refined cobalt and cobalt salts, particularly monitoring when refined cobalt is reverse-processed into cobalt salts.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lü Yanlin 021-20707875

Xiao Wenhao 021-51666872

Zhou Zhicheng 021-51666711