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

This week, spot prices for cobalt intermediate products maintained an upward trend. Supply side, customs data released on Monday showed that September imports of cobalt intermediate products rose slightly MoM. However, as the increase remained relatively low compared to market demand, major miners and traders remained optimistic about the market outlook and continued to suspend quotations. Demand side, overall market changes were limited. Inquiry prices from downstream smelters gradually moved higher, but constrained by suppliers' firm refusal to budge on prices, actual transactions remained sluggish, sustaining a pattern of "price without market." Given that domestic cobalt raw material supply is expected to remain structurally tight in the long term, cobalt intermediate product prices are projected 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