[SMM Weekly Review] The cobalt sulphate market remained relatively sluggish this week, with limited transactions.

The cobalt sulphate market remained relatively sluggish this week, with limited transactions. On the supply side, smelter quotations continued to hold firm, with MHP and scrap-derived material offers maintained at 91,000–92,000 yuan/mt, and intermediate products at 95,000 yuan/mt. On the demand side, inquiries decreased, with downstream enterprises only making sporadic restocking for rigid needs: first, concentrated stockpiling earlier had already achieved inventory targets; second, financial and inventory controls tightened during the financial reporting season, leaving little willingness for additional stockpiling. Spot prices are expected to remain generally stable in December, with potential upward momentum anticipated after downstream enterprises resume a new round of procurement in January.

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