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[SMM Weekly Review] Spot Cobalt Intermediate Product Prices Held Up Well This Week

iconOct 16, 2025 17:18
This week, spot prices for cobalt intermediate products continued to hold up well. In terms of supply, spot availability from mainstream miners and traders remained tight, compounded by difficulties in replenishing cobalt raw materials from the DRC before the Chinese New Year. Most enterprises remained optimistic about the market outlook and continued to suspend offers. On the demand side, overall market changes were limited. Downstream smelters gradually raised their inquiry prices, but constrained by suppliers' refusal to budge on prices, actual transactions remained sluggish, sustaining a "price without market" pattern. Given the expectation that domestic cobalt raw material supply will remain structurally tight in the long term, cobalt intermediate product prices are anticipated to retain further upward momentum.

This week, cobalt intermediate product spot prices continued to hold up well. Supply side, spot cargoes available from mainstream miners and traders remained tight, coupled with difficulties in DRC cobalt raw materials arriving at ports for replenishment before the Chinese New Year, most enterprises remained optimistic about the market outlook and continued to suspend offers. Demand side, overall market changes were limited, downstream smelters' inquiry prices gradually moved higher, but constrained by upstream suppliers' firm stance to refuse to budge on prices, actual transactions remained sluggish, sustaining a "price without market" pattern. Considering that domestic cobalt raw material supply is expected to remain structurally tight in the long term, cobalt intermediate product prices are anticipated to retain 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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