[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.

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