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Home / Metal News / [SMM Weekly Review] The domestic spot market for refined cobalt experienced a slight rise this week.

[SMM Weekly Review] The domestic spot market for refined cobalt experienced a slight rise this week.

iconNov 20, 2025 18:16
This week, the domestic spot market for refined cobalt showed a slight upward trend. Supply side, supported by raw material costs, producers and suppliers maintained firm offers, while traders also raised their quotations following the rebound in futures. Demand side, marginal improvements were observed; although downstream buyers primarily made purchases based on rigid demand, inquiries and purchase willingness from some enterprises rebounded after prices stabilized, leading to an overall improvement in market transactions compared to the previous period. Currently, the price spread between refined cobalt and cobalt salts has returned to a reasonable range. Further price increases for refined cobalt will require stronger support from the cobalt salt market.

This week, the domestic spot market for refined cobalt showed a slight upward trend. Supply side, supported by raw material costs, producers and suppliers maintained firm offers, while traders also raised their quotes following the rebound in futures. Demand side, there were signs of marginal improvement. Although downstream buyers still primarily purchased based on rigid demand, after prices stabilized, inquiries and purchase willingness from some enterprises rebounded, leading to an overall improvement in market transactions compared to the previous period. The price spread between refined cobalt and cobalt salts has now returned to a reasonable range. For further price increases in refined cobalt, stronger support from the cobalt salt market will be necessary.

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 exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.

For queries, please contact Lemon Zhao at lemonzhao@smm.cn

For more information on how to access our research reports, please email service.en@smm.cn

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