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

Published: Nov 27, 2025 18:34

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This week, the cobalt sulphate market continued to stabilize. 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 quotations remained at 95,000 yuan/mt. Demand side, downstream enterprises generally maintained just-in-time procurement pace, with some prioritizing the consumption of traders' low-priced old inventory while placing small trial orders for smelters' high-priced new material. The market remains in a critical phase of price divergence between upstream and downstream players. Only after downstream consumers gradually digest current prices and initiate a new round of concentrated procurement will upward room for cobalt salts reopen.

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

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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