[ SMM Weekly Review ] The cobalt sulphate market was active this week, with the market price center gradually moving higher.

The cobalt sulphate market was active this week, with the price center gradually moving upward. On the supply side, raw material costs provided rigid support, and smelters held prices firm: offers for MHP and recycled material routes were raised to 90,000–92,000 yuan/mt, while intermediate product offers remained at 95,000 yuan/mt. On the demand side, some downstream enterprises actively stockpiled, and the volume of low-priced goods available in the market declined rapidly, pushing prices gradually higher. Some old stock priced at 85,000–86,000 yuan/mt last week had risen to around 88,000–90,000 yuan/mt. Overall, after continued drawdowns in social inventory, some buyers turned to inquire about high-priced new material from smelters, and a small amount of MHP and recycled cobalt sulphate transactions were concluded. Cobalt sulphate prices still have upward momentum in the short term, and it is expected that low-end prices will stabilize above 90,000 yuan/mt in the near term.

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