[SMM Weekly Review] Spot Prices for Cobalt Intermediate Products Maintained an Upward Trend This Week

Published: Sep 25, 2025 18:21

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This week, spot prices for cobalt intermediate products maintained an upward trend. Supply side, with the DRC's policy announcement, major miners and traders anticipate a sustained tightness in cobalt raw materials from China in the future, continuing to suspend offers. Demand side, following the rise in cobalt salt and refined cobalt prices, production margins for externally purchased intermediate products saw a slight improvement, with some smelters making inquiries around $15.5/lb. However, due to upstream suppliers refusing to budge on prices, no transactions were ultimately concluded. Under the DRC's policy of nearly one-month delays and a 50% export quota, China's cobalt raw materials are expected to remain tight over the long term, and intermediate product prices are projected to continue rising slowly.

This week, spot prices for cobalt intermediate products continued their upward trend. Supply side, with the DRC's policy announcement, major miners and traders anticipate a sustained tightness in China's cobalt raw material supply going forward, leading them to maintain a suspension of offers. Demand side, following the price increases in cobalt salts and refined cobalt, production margins for externally purchased intermediate products saw a slight improvement. Some smelters showed inquiry interest around $15.5/lb, but ultimately no transactions were concluded as upstream suppliers refused to budge on prices. Under the DRC's policy of nearly one-month delays plus a 50% export quota, China's cobalt raw material supply is expected to remain tight for an extended period, and intermediate product prices are projected to continue their gradual rise.

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

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