[SMM Weekly Review] Spot Prices for Cobalt Intermediate Products Continued to Rise Gradually This Week

Published: Jan 15, 2026 15:32

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This week, spot prices for cobalt intermediate products continued to rise gradually. On the supply side, major enterprises maintained their practice of not offering quotations, while some small-lot spot transactions were concluded around $25.5 per pound. Demand side, after the recent sustained increase in cobalt salt prices, cost pressures eased somewhat, leading to stronger inquiry willingness among smelters. Regarding export policies, it was reported that cobalt intermediate products from pilot enterprises had completed export procedures and were in the process of being shipped. However, given the relatively small scale of current pilot exports and the lengthy transportation cycle, the earliest arrival of large quantities was not expected until after April 2026. In the short term, the logic of structural tightness in domestic raw materials remained unchanged, with solid support at the lower end of prices.

This week, spot prices for cobalt intermediate products continued to rise gradually. On the supply side, major enterprises maintained their stance of not offering quotes, while some small-volume spot transactions were concluded around $25.5 per pound. On the demand side, after the recent sustained increase in cobalt salt prices, cost pressures eased somewhat, leading to stronger inquiry willingness from smelters. Regarding export policies, it was reported that pilot enterprises have successfully navigated the export process for cobalt intermediate products and are currently in the shipment phase. However, given the relatively small scale of the current pilot exports and the lengthy transportation cycle, it is expected that large-volume arrivals will not occur until after April 2026 at the earliest. In the short term, the logic of structural tightness in domestic raw materials remains unchanged, with solid support below prices.

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

Zhang Haohan 021-51666752

Wang Zihan 021-51666914

Wang Jie 021-51595902

Xu Yang 021-51666760

Yang Lianting 021-51595835

Wang Zhaoyu 021-51666827

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