[SMM Weekly Review] Cobalt Sulphate Spot Prices Held Steady Overall This Week

Published: Oct 23, 2025 18:51

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Spot cobalt sulphate prices remained generally stable this week. Supply side, smelter quotations showed relatively small changes from the previous week, with enterprises producing cobalt sulphate from intermediate products maintaining prices at around 91,000-93,000 yuan/mt, while MHP and recycling enterprises kept quotations near 86,000-88,000 yuan/mt. Demand side, ternary cathode precursor and Co3O4 enterprises remained cautious in procurement due to the rapid rise in cobalt sulphate prices and incomplete order locking; cathode enterprises have completed annual stockpiling, leading to a slight weakening in stockpiling sentiment. Overall, the rapid price increase since September has resulted in a significant divergence in price expectations between upstream and downstream enterprises. The market is expected to enter a phase of contention in the short term, with cobalt sulphate prices likely to stabilize as downstream players gradually digest and accept the current price levels.

Spot cobalt sulphate prices remained generally stable this week. Supply side, smelter quotations saw relatively small changes from the previous week, with enterprises producing cobalt sulphate from intermediate products maintaining prices at around 91,000-93,000 yuan/mt, while MHP and recycling enterprises kept quotations near 86,000-88,000 yuan/mt. Demand side, ternary cathode precursor and Co3O4 enterprises remained relatively cautious in their purchasing due to the rapid price increase of cobalt sulphate and their own orders not being fully locked in; cathode enterprises have completed their annual stockpiling, leading to a slight weakening in stockpiling sentiment. Overall, the rapid price increase of cobalt sulphate since September has resulted in a significant divergence in price expectations between upstream and downstream enterprises. The market is expected to enter a phase of stalemate in the short term, with cobalt sulphate prices likely to stabilize as downstream players gradually digest and accept the current price levels.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lyu Yanlin 021-20707875

Xiao Wenhao 021-51666872

Zhou Zhicheng 021-51666711

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