[SMM Weekly Review] This week, the domestic spot market for refined cobalt continued its slight upward trend, with the price center edging higher and the fluctuation range remaining limited.

Published: Nov 27, 2025 18:37

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This week, the domestic spot market for refined cobalt continued its slight upward trend, with the price center edging up and the fluctuation range remaining limited. On the supply side, raw material costs remained high, and smelters and suppliers maintained firm offers; traders slightly raised their offers following the rebound in futures. On the demand side, downstream industries maintained their just-in-time procurement pace, but after prices stabilized temporarily, some enterprises showed a slight increase in inquiries and purchase willingness, leading to a slight improvement in overall transactions compared to the previous period. Currently, the price spread between refined cobalt and cobalt salts has returned to a reasonable range. If refined cobalt prices are to rise further, stronger momentum from the cobalt salts side will still be needed.

This week, the domestic refined cobalt spot market continued its slight upward trend, with the price center edging up within a limited fluctuation range. Supply side, raw material costs remained high, and smelters and suppliers maintained firm offers; traders followed the futures rebound to slightly raise their quotes. Demand side, downstream maintained just-in-time procurement pace, but after prices stabilized temporarily, some enterprises saw a slight rebound in inquiries and purchase willingness, with overall transactions improving slightly compared to the previous period. The price spread between refined cobalt and cobalt salt has returned to a reasonable range. For refined cobalt prices to rise further, stronger momentum from the cobalt salt segment is still needed.

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

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