[SMM Weekly Review] Cobalt Intermediate Product Spot Prices Continue to Hold Up Well This Week

Spot prices for cobalt intermediate products held up well this week. Since major international miners suspended offers in September, the market has remained seller-dominated, with overall price guidance still lacking. Supply side, mainstream miners and traders continued to suspend offers, and available spot cargoes were limited. Demand side, overall performance was stable; as raw material inventories at downstream smelters gradually depleted, inquiry prices edged up. However, upstream suppliers held prices firm, leading to slow progress in actual transactions, and the market continued to show a state of "price without market." Although the DRC lifted its export ban on October 16, actual shipments from ports have not resumed as export approval procedures are not yet completed. Based on current market information, the relevant export processes are expected to be completed by mid-to-late November at the earliest. Considering the shipping cycle from the DRC to China is about 2–3 months, China's cobalt raw material supply is expected to remain structurally tight before Q1 2026, providing fundamental support for continued rises in cobalt intermediate product prices.

SMM New Energy Research Team

Cong Wang 021-51666838

Rui Ma 021-51595780

Disheng Feng 021-51666714

Yanlin Lü 021-20707875

Wenhao Xiao 021-51666872

Zhicheng Zhou 021-51666711