[SMM Weekly Review] Spot refined cobalt fluctuated downward this week.

Refined cobalt spot prices fluctuated downward this week. On the supply side, smelters continued to hold prices firm supported by raw material costs; hedging merchants' basis quotes remained generally stable; speculative traders maintained a bullish sentiment and temporarily suspended their quotes. On the demand side, purchasing was relatively cautious due to high raw material cost pressure, maintaining only just-in-time procurement. Cobalt salt prices continued to rise this week, with reverse smelting profits recovering, providing support for refined cobalt prices. It is expected that refined cobalt will maintain sideways movement in the short term, awaiting further increases in cobalt salt prices to lift the price center.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lü 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