[ SMM Weekly Review ] The cobalt sulphate market cooled slightly this week, and trading volume decreased compared to last week.

The cobalt sulphate market cooled slightly this week, with trading volume decreasing compared to last week. Supply side, smelters continued to hold prices firm: quotations for MHP and recycled cobalt sulphate maintained at 91,000–92,000 yuan/mt, while intermediate product quotations held at 95,000 yuan/mt. Demand side, downstream inquiries decreased, with only rigid demand restocking maintained. Two main reasons contributed: first, after continuous stockpiling in previous weeks, many enterprises had completed their stockpiling targets; second, as it is currently the financial reporting season, enterprises need to control their capital and inventory for financial reporting purposes, resulting in relatively weak willingness for additional stockpiling beyond rigid demand restocking. Overall, the cobalt sulphate market price is expected to maintain a fluctuating trend within December, and after January, as downstream enterprises restart the next round of procurement, prices are expected to return to an upward trajectory.

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