[SMM Weekly Review] The Cobalt Intermediate Products Market Maintained a Strong Pattern This Week

Published: Jan 22, 2026 17:48

Save

The cobalt intermediate products market maintained a strong pattern this week. Supply side, some overseas miners were bullish on the outlook and conducted concentrated procurement in the domestic market at around $25.5/lb, exacerbating spot tightness. Driven by this, high-end offers in the domestic market rose to $26/lb. Demand side, the continuous increase in raw material prices once again squeezed smelters' profit margins, prompting enterprises to mostly return to just-in-time procurement. Policy side, it is understood that export procedures for non-pilot enterprises are progressing steadily, and it is expected that most of the 2026 quotas can be smoothly exported by January 2026. However, considering the overall tight market liquidity, coupled with the approximately three-month shipping cycle from the DRC to China, the structurally tight supply pattern of cobalt intermediate products is unlikely to fundamentally reverse before the bulk arrival of raw materials in April, and prices still have upward momentum.

This week, the cobalt intermediate products market maintained a strong pattern. On the supply side, some overseas miners were bullish on the future market and conducted concentrated procurement in the domestic market at approximately $25.5/lb, exacerbating spot tightness. Driven by this, high-end offers in the domestic market rose to $26/lb. On the demand side, the continuous increase in raw material prices once again narrowed the profit margins for smelters, and enterprises mostly returned to a just-in-time procurement model. Regarding policies, it is reported that the export procedures for non-pilot enterprises are steadily advancing, and it is expected that most of the quotas for January 2026 can be smoothly completed for export. However, considering the overall tight liquidity in the market, coupled with the approximately three-month transportation cycle from the DRC to China, the structurally tight supply pattern of cobalt intermediate products is difficult to fundamentally reverse before the large-scale arrival of raw materials in April, and prices still have upward momentum.

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

Zhang Haohan 021-51666752

Wang Zihan 021-51666914

Wang Jie 021-51595902

Xu Yang 021-51666760

Yang Lianting 021-51595835

Wang Zhaoyu 021-51666827

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM‘s internal database model. They are for reference only and do not constitute decision-making recommendations.

For any inquiries or to learn more information, please contact: lemonzhao@smm.cn

For more information on how to access our research reports, please contact:service.en@smm.cn

Related News

4 hours ago

Total Investment Of 12 Billion Yuan Lithium Battery Project Lands In Guangzhou

On March 2, Youngy Group announced that it signed the "Youngy Group Guangzhou Development Zone New Energy Intelligent Manufacturing Base" project on February 24. The project plans a total investment of 12 billion yuan and will encompass three core segments: consumer batteries, power batteries, and energy storage products. The project will address the shortcomings in Guangzhou's battery industry sector and also provide strong support for the development of emerging industries in the region, such as the low-altitude economy and intelligent robotics.

4 hours ago

Gansu's Annual 100,000-Ton Lithium-Ion Battery Cathode Material Project Officially Commences Production

Recently, the commissioning ceremony for the first phase of Gansu Jinlin Lithium Battery New Materials Co., Ltd.'s annual 100,000-ton lithium-ion battery cathode material production line project was held in Lanzhou New Area. The project covers a total area of 363 mu with a total investment of 3.135 billion yuan. It will be constructed in two phases, each with a capacity of 100,000 tons. Construction of the first phase, the annual 100,000-ton lithium iron phosphate production line, began in April 2024 and has officially commenced production after over a year of construction.

4 hours ago

5 hours ago

[SMM Analysis] Chinese New Year Off-Season “Reset,” Sodium-Ion Battery Industry Chain Recovery Poised to Begin

February 2026 coincided with the Chinese New Year holiday. Affected by holiday factors, production pace across core segments of China’s sodium-ion battery industry generally slowed, showing an “off-season reset” trend. From cathodes, anodes, and electrolyte to battery cells and end-users, production across all segments declined MoM to varying degrees, while YoY still maintained a certain degree of growth resilience.

5 hours ago