[SMM Weekly Review] Cobalt Sulphate Spot Prices Rose Sharply This Week

Published: Oct 9, 2025 17:15

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Spot cobalt sulphate prices rose significantly this week. Supply side, overseas cobalt prices continued to strengthen during the National Day holiday, and domestic smelters, bullish on the outlook, mostly held back offers and further raised their intended selling prices. Among them, enterprises producing cobalt sulphate from intermediate products raised their target prices to around 80,000 yuan/mt, while MHP and recycling enterprises also generally increased their target prices to approximately 75,000 yuan/mt. Demand side, some downstream ternary cathode precursor and Co3O4 enterprises, concerned about potential supply gaps, showed increased purchase willingness recently. However, as their own downstream orders are not fully locked in and the DRC's quota allocation policy remains uncertain, actual procurement remained cautious, and market transactions were still sluggish. Overall, driven by rising raw material costs and periodic downstream stockpiling demand, cobalt sulphate prices are expected to hold up well in the short term.

Spot cobalt sulphate prices rose significantly this week. Supply side, overseas cobalt prices continued to strengthen during the National Day holiday, prompting domestic smelters to hold a bullish outlook on the market. Most have temporarily suspended quotations and further raised their intended selling prices. Among them, enterprises producing cobalt sulphate from intermediate products have increased their target prices to around 80,000 yuan/mt, while MHP and recycling enterprises have generally raised their target prices to approximately 75,000 yuan/mt. Demand side, some downstream ternary cathode precursor and Co3O4 enterprises, concerned about potential supply shortages, showed increased purchase willingness recently. However, as their own downstream orders are not fully secured and uncertainties remain regarding the DRC's quota allocation policy, actual procurement remained cautious, and market transactions were still sluggish. Overall, driven by rising raw material costs and periodic stockpiling demand from downstream sectors, cobalt sulphate prices are expected to hold up well in the short term.

SMM New Energy Research Team

Cong Wang 021-51666838

Rui Ma 021-51595780

Disheng Feng 021-51666714

Yanlin Lü 021-20707875

Wenhao Xiao 021-51666872

Zhicheng Zhou 021-51666711

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