[SMM Analysis] In October 2025, SMM cobalt sulphate production rose 2.17% MoM and increased 19.62% YoY.

In October 2025, SMM cobalt sulphate production rose 2.17% MoM and increased 19.62% YoY.

By raw material source, after long-term production adjustments, the share of raw materials remained relatively stable. Cobalt intermediate products accounted for about 59%, MHP for about 18%, and recycled materials for about 23%.

Demand side, ternary cathode precursor production continued to grow in October, and some enterprises increased cobalt sulphate procurement to complete annual stockpiling plans ahead of schedule.

Supply side, enterprise supply diverged this month. Although some integrated enterprises cut production, overall industry supply still increased slightly, as some MHP-based cobalt sulphate producers resumed operations and the rapid price rise prompted recycled material producers to raise output.

In November, downstream demand is expected to remain relatively stable, coupled with favourable cobalt sulphate margins, some enterprises intend to further increase production. SMM cobalt sulphate output is projected to rise about 2.04% MoM in November.