Non-ferrous
Non-ferrous
Base Metals
Rare Earth
Scrap Metals
Minor Metals
Precious Metals
New Energy
Price CenterDatabaseProReportsEventsCar Insight
[SMM Weekly Review] Spot refined cobalt prices fluctuated downward this week.
Jan 22, 2026 17:51This 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
Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market exchanges, and relying on SMM's internal database model, for reference only and do not constitute decision-making recommendations.
For queries, please contact Lemon Zhao at lemonzhao@smm.cn
For more information on how to access our research reports, please email service.en@smm.cn
SMM Events & Webinars
All- Feb11
SMM AFRICA CRITICAL MINERALS SEMINAR 2026
Feb 11 - 11,2026Cape Town
- Mar25
2026 SMM (21st) Lead & Zinc Conference and Industry Expo
Mar 25 - 27,2026Howard Johnson Agile Plaza, Chengdu, China
- Apr06
NET ZERO MEA Solar & Energy Storage Summit
Apr 06 - 07,2026Join us in Dubai to forge the partnerships that will power our future.DUBAI, UAE
Shanghai Metals Market
Privacy PolicyCompliance CentreSMM Credit ServiceContact UsAbout UsTerms & ConditionsSitemapHoliday Pricing Schedule
Notice: By accessing this site you agree that you will not copy or reproduce any part of its contents (including, but not limited to, single prices, graphs or news content) in any form or for any purpose whatsoever without the prior written consent of the publisher.
Drop us a line
service.en@smm.cn
How can we help you?
+86 021 5155-0306
Live chat via WhatsApp
Copyright © 2026 SMM Information & Technology Co., Ltd. All rights reserved.
