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

Published: Oct 30, 2025 17:43

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Spot prices for cobalt intermediate products maintained an upward trend this week. Since international miners halted quotations in September, the market has remained seller-dominated with limited changes. In terms of supply, major miners and traders continued to suspend offers. On the demand side, overall market activity saw limited changes, with downstream smelters gradually raising their inquiry prices. However, constrained by suppliers' firm stance on refusing to budge on prices, actual transactions remained sluggish, and the market continued to exhibit a "price without market" pattern. On October 16, the DRC announced the lifting of the ban, but due to procedural issues, shipments from ports have not yet resumed. Considering the two-to-three-month shipping time from the DRC to China, China's cobalt raw material supply is expected to remain structurally tight until the first quarter of next year, and cobalt intermediate product prices are anticipated to retain further upward momentum.

Spot prices for cobalt intermediate products continued their upward trend this week. Since international miners suspended quotations in September, the market has remained seller-dominated with limited changes. Supply side, major miners and traders continued to hold off on offering prices. Demand side, overall market activity saw limited changes; downstream smelters gradually raised their inquiry prices, but actual transactions remained sluggish due to suppliers' firm stance on refusing to budge on prices, sustaining a "price without market" pattern. On October 16, the DRC announced the lifting of the ban, but shipments from ports have not yet resumed due to procedural issues. Considering the 2-3 month shipping time from the DRC to China, China's cobalt raw material supply is expected to remain structurally tight until Q1 next year, and cobalt intermediate product prices are anticipated to maintain 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

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

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