[SMM Weekly Review] The cobalt intermediate products market continued its strong trend this week, but the market changes were relatively small, maintaining an overall "price without market" pattern, with sluggish transactions.

The cobalt intermediate products market continued its relatively strong trend this week, but overall changes were relatively small, maintaining a pattern of "price without market," with sluggish transactions. On the supply side, suppliers held firm positions, with mainstream offers still anchored around $24.5-25.0/lb. On the demand side, smelters maintained a wait-and-see stance as raw material costs remained higher than cobalt salt selling prices, with the inversion margin not narrowing, resulting in only sporadic inquiries for essential needs. As of this week, export procedures from the DRC had not been completed, and shipments of intermediate products remained stalled. Based on a three-month shipping schedule, domestic raw material arrivals are expected around March next year. During this period, the logic of structural tightness remains unchanged, providing continued support for a rise in 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

Zhang Haohan 021-51666752

Wang Zihan 021-51666914

Wang Jie 021-51595902

Xu Yang 021-51666760

Yang Lianting 021-51595835

Wang Zhaoyu 021-51666827