[SMM Weekly Review] Spot Prices of Domestic Refined Cobalt Fluctuated Upward This Week

Published: Dec 18, 2025 17:43

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Domestic spot refined cobalt prices fluctuated upward this week. Supply side, supported by raw material costs, smelters continued to hold prices firm; after traders had been selling consistently in recent months, their available inventory was relatively limited. Additionally, as the year-end approached, enterprises had requirements to control capital occupation and positions, weakening their willingness to sell and only maintaining supplies for core customers. Demand side, there was no significant change, with just-in-time procurement pace continuing. Currently, cobalt salt prices are close to 450,000 yuan per mt in metal content. After deducting the cost of reverse smelting, the price spread between cobalt salts and refined cobalt provides a relatively reasonable profit. If there are no additional changes in the supply-demand fundamentals of refined cobalt itself, prices are expected to maintain a fluctuating trend in the short term. Further price increases still need to wait for cobalt salt prices to rise and drive refined cobalt prices upward.

This week, the spot price of domestic refined cobalt fluctuated upward. Supply side, supported by raw material costs, smelters continued to hold prices firm. In the trader segment, after continuous sales in recent months, the circulating inventory was relatively limited. Coupled with the approaching year-end, enterprises had requirements to control capital occupation and positions, leading to a weakened willingness to sell, with efforts focused only on maintaining core customers. Demand side, there was no significant change, maintaining the pace of just-in-time procurement. Currently, the price of cobalt salts is close to 450,000 yuan/mt in metal content. The price spread between cobalt salts and refined cobalt, after deducting the cost of reverse melting, offers a relatively reasonable profit. It is expected that, barring any additional changes in the fundamental supply-demand dynamics of refined cobalt itself, prices will maintain a fluctuating trend in the short term. Subsequent price increases still need to wait for cobalt salt prices to rise and drive metal prices to follow.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lyu 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

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