[SMM Weekly Review] Spot Prices for Cobalt Intermediate Products Continued to Rise This Week

Published: Oct 9, 2025 17:13

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This week, spot prices for cobalt intermediate products continued their upward trend. Supply side, mainstream mining enterprises and traders generally anticipate that China's cobalt raw material supply will remain tight in the future, leading them to continue suspending quotations, with limited spot cargo available in the market. Demand side, some cobalt smelters are facing tight raw material inventory, coupled with rapid price increases in cobalt salt and refined cobalt, the production margins for externally purchased intermediate products have slightly improved, and downstream inquiry prices have gradually moved higher. However, constrained by suppliers' strong stance of refusing to budge on prices and evident reluctance to sell, actual market transactions remained sluggish, resulting in an overall pattern of "nominal prices without actual trading." Against the backdrop of the DRC's export ban extension by nearly one month and the implementation of a 50% export quota restriction, China's cobalt raw material supply is expected to remain structurally tight, and cobalt intermediate product prices still possess further upward momentum.

This week, spot prices for cobalt intermediate products continued to rise. Supply side, mainstream mining enterprises and traders generally anticipate that China's cobalt raw material supply will remain tight in the future, continuing to suspend offers, with limited spot cargo available in the market. Demand side, some cobalt smelters are facing tight raw material inventory, coupled with rapid price increases in cobalt salts and refined cobalt, the production profit for externally purchased intermediate products has slightly improved, and downstream inquiry prices have gradually moved higher. However, constrained by upstream suppliers' strong stance of refusing to budge on prices and evident reluctance to sell, actual market transactions were sluggish, overall presenting a situation of "price without market." Against the backdrop of the DRC's export ban extension by nearly one month and the implementation of a 50% export quota restriction, China's cobalt raw material supply is expected to remain structurally tight, and cobalt intermediate product prices still possess further upward momentum.

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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