Cobalt Chloride: Tight Supply Is Expected to Push Prices Up, with Strong Wait-and-See Sentiment in the Market

This week, the cobalt chloride market showed a sharp upward trend, with most producers suspending quotations, while a few companies pushed offers to 70,000–80,000 yuan/mt. Actual transactions were sparse, but price support remained strong. The rally was mainly driven by three factors: first, the DRC officially signed a new cobalt export policy on the 20th, clarifying that the export ban would be lifted on October 16 and announcing annual quota details through 2027, shifting market logic from policy expectations to actual supply-demand fundamentals; second, raw material supply remained tight, with smelters gradually depleting intermediate product inventories, supporting producers' refusal to budge on prices; additionally, some downstream enterprises had low inventory levels and were concerned about potential supply gaps, leading to slightly increased purchase willingness recently. Although the overall market remained sluggish, with most upstream and downstream players adopting a wait-and-see approach, sporadic transactions still provided a significant boost to prices. Cobalt chloride prices are expected to break through 80,000 yuan/mt before the holiday.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lü Yanlin 021-20707875

Zhou Zhicheng 021-51666711