[ SMM Weekly Review ] Cobalt Sulphate Market Continued to Stabilize This Week

This week, the cobalt sulphate market continued to stabilize. On the supply side, supported by raw material costs, smelters maintained strong offers: MHP and scrap-derived cobalt sulphate held steady at 88,000-90,000 yuan/mt, while intermediate product cobalt sulphate offers remained at 95,000 yuan/mt. On the demand side, downstream enterprises generally maintained a just-in-time procurement pace, with some companies prioritizing the consumption of traders' low-priced old inventory while making small trial purchases of smelters' high-priced new material. The market is currently in a critical period of price divergence between upstream and downstream players. Only after downstream players gradually digest current prices and initiate a new round of concentrated procurement will upward potential for cobalt salts be reopened.

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