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

Published: Jan 22, 2026 17:51

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This week, spot prices for refined cobalt continued to fluctuate downward. Supply side, changes were limited, with smelters holding prices firm based on cost support, while traders maintained spot-futures price spread quotation models. Demand side, affected by the persistent decline in futures prices, downstream enterprises' purchasing enthusiasm was dampened. Even enterprises with restocking needs remained cautious due to concerns over further price weakness, maintaining only rigid procurement, and overall market transactions remained sluggish. Currently, there is still a significant price spread between refined cobalt and cobalt salts, and the profit window for reverse smelting production has reopened, providing a floor support for refined cobalt prices. In the short term, refined cobalt prices are expected to fluctuate around the 430,000 yuan/mt level.

This week, spot prices for refined cobalt continued to fluctuate downward. Supply-side changes were limited, with smelters holding prices firm based on cost support, while traders maintained the spot-futures price spread quotation model. Demand side, affected by the persistent decline in futures prices, downstream enterprises' purchasing enthusiasm was dampened. Even companies with restocking needs remained cautious due to concerns over further price weakness, maintaining only rigid procurement, and overall market transactions remained sluggish. Currently, there is still a significant price spread between refined cobalt and cobalt salts, and the profit window for reverse smelting production has reopened, providing a floor support for refined cobalt prices. In the short term, refined cobalt prices are expected to fluctuate around the 430,000 yuan/mt level.

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

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