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Home / Metal News / [SMM Weekly Review] Domestic Spot Refined Cobalt Prices Fluctuated Upward This Week

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

iconSep 18, 2025 16:13
This week, spot prices of refined cobalt in China fluctuated upward. The market awaited the implementation of DRC policies on September 21, with both sellers and buyers remaining relatively cautious. Supply side, major smelters maintained long-term contract supplies, and some enterprises raised ex-factory prices, while traders quoted following futures. Demand side, downstream enterprises primarily purchased for rigid demand, and actual market transactions were sluggish. Future market prices still depend on the implementation of DRC policies, and attention should be paid to changes in the price spread between refined cobalt and cobalt salts, particularly when refined cobalt is reverse-processed into cobalt salts.

This week, domestic spot prices for refined cobalt fluctuated upward. The market is awaiting the implementation of policies in the DRC on September 21, with both sellers and buyers remaining relatively cautious. Supply side, major smelters maintained long-term contract supplies, and some enterprises raised ex-factory prices, with traders quoting in line with futures. Demand side, downstream enterprises continued to purchase mainly for rigid demand, and actual market transactions were sluggish. Future market prices still depend on the implementation of DRC policies, and attention should be paid to changes in the price spread between refined cobalt and cobalt salts, especially regarding when refined cobalt might be 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

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

For queries, please contact Lemon Zhao at lemonzhao@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

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