[SMM Weekly Review] This week, the cobalt intermediate products market continued its strong trend, with the price center gradually rising.

This week, the cobalt intermediate products market continued its strong pattern, with the price center gradually rising. On the supply side, suppliers maintained a firm stance, with mainstream offers still anchored around $24.5-$25.0/lb, leaving limited room for negotiation and establishing a clear bottom. On the demand side, a wait-and-see approach persisted. Smelters faced continued inverted margins as raw material costs exceeded cobalt salt selling prices, with only sporadic inquiries for essential needs, resulting in a clear "price without market" situation. Export permit procedures in the DRC remained incomplete, keeping intermediate product shipments stalled. Based on a three-month shipping schedule, the earliest arrival of raw materials in China would be in Q1 2026. The logic of structural tightness remains unchanged during this period, providing continued support for intermediate product prices.

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