[SMM Weekly Review] Cobalt Sulphate Prices Rose Slightly This Week, and the Market Center Shifted Upward

Cobalt sulphate prices edged up this week, with the market center shifting higher. Supply side, rigid cost support from raw materials kept smelters firm in holding prices: offers for MHP and scrap-derived routes remained locked at 88,000–90,000 yuan/mt, while the intermediate product route stayed above 90,000 yuan/mt. Demand side, purchase willingness among downstream buyers noticeably warmed up since last Friday. Traders' old inventories priced below 85,000 yuan/mt were largely depleted, prompting some buyers to inquire about higher-priced new material from smelters, with a small volume of MHP-based cobalt sulphate concluded. Transactions for the intermediate product route remained thin due to high prices. Although price divergence between upstream and downstream persists, buyers' acceptance of current prices gradually improved. After downstream buyers complete phased digestion and initiate the next round of concentrated procurement, cobalt salt offers are expected to climb further.

SMM New Energy Research Team

Cong Wang 021-51666838

Rui Ma 021-51595780

Disheng Feng 021-51666714

Yanlin Lü 021-20707875

Wenhao Xiao 021-51666872

Haohan Zhang 021-51666752

Zihan Wang 021-51666914

Jie Wang 021-51595902

Yang Xu 021-51666760

Lianting Yang 021-51595835

Zhaoyu Wang 021-51666827