[SMM Weekly Review] Spot Refined Cobalt Prices in China Extend Mild Gains

Published: Dec 4, 2025 17:16

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This week, domestic spot refined cobalt continued to experience a mild increase, with the price center slightly shifting upward to a new consolidation range. Supply side, raw material costs remained high and locked in, smelters and suppliers maintained firm offers, traders adjusted prices narrowly in line with futures, and there was no significant increase in spot cargo available in the market. Demand side, downstream industries maintained just-in-time procurement pace, but after prices stabilized in phases, some enterprises showed marginal recovery in inquiry and purchase willingness, and transactions improved slightly compared to previous lows, though the volume was not enough to drive a trend breakthrough. Currently, the price spread between refined cobalt and cobalt salt has returned to a reasonable range; for refined cobalt to further break through the upside, cobalt salt needs to lead with increased volume and provide a premium driver. In the short term, cost support coexists with a weak recovery, and prices are expected to continue narrow and slightly stronger consolidation.

This week, domestic spot refined cobalt continued to rise mildly, with the price center slightly moving up to a new consolidation range. Supply side, raw material costs remained high with locked-in prices, smelters and suppliers maintained firm offers, traders adjusted prices narrowly following the futures, and there was still no significant increase in market available spot cargo. Demand side, downstream maintained just-in-time procurement pace, but after prices stabilized in stages, some enterprises showed marginal recovery in inquiries and purchase willingness, and transactions improved slightly compared to the previous low levels, though the volume was not enough to drive a trend breakthrough. Currently, the price spread between refined cobalt and cobalt salt has returned to a reasonable range; for refined cobalt to further open upward space, it still requires cobalt salt to first increase volume and provide a premium drive. In the short term, cost support coexists with weak recovery, and prices are expected to continue narrow, slightly stronger consolidation.

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

Wang Zhaoyu 021-51666827

Zhang Haohan 021-51666752

Wang Zihan 021-51666914

Wang Jie 021-51595902

Xu Yang 021-51666760

Yang Lianting 021-51595835

Market review

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