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

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