[SMM Weekly Review] Spot Prices of Cobalt Intermediate Products Rose This Week

Published: Sep 18, 2025 16:15

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Spot prices for cobalt intermediate products continued to rise this week, with overseas market offers increasing steadily. In the domestic market, transactions were recorded around $14.4/lb. On the supply side, major miners maintained their suspension of sales, while traders also halted shipments as they awaited policy developments in the DRC. Demand side, smelters maintained only essential procurement pace under high raw material cost pressure. Overall, amid current policy uncertainty, both buyers and sellers were hesitant to make early judgments, keeping the market sluggish. Once policies are implemented, cobalt intermediate product prices are expected to see significant changes.

This week, cobalt intermediate product spot prices continued to rise, with overseas market offers increasing steadily, and domestic transactions were observed around $14.4/lb. On the supply side, major miners maintained their sales suspension, while traders awaited policy developments in the DRC and similarly halted shipments. Demand side, smelters only maintained rigid procurement pace under high raw material cost pressure. Overall, amid current policy uncertainty, both buyers and sellers were hesitant to make early judgments, keeping the market sluggish. It is expected that cobalt intermediate product prices may see significant changes after the policy is implemented.

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 communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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