[SMM Weekly Review] Trading activity in the cobalt sulphate market slowed this week, while spot prices remained stable.

This week, trading activity in the cobalt sulphate market slowed down, with spot prices holding steady. On the supply side, supported by persistently rising raw material costs, smelters maintained firm quotations: mainstream quotations for medium-to-high nickel cobalt sulphate were 96,000-97,000 yuan/mt, while low nickel cobalt sulphate was quoted at 98,000-100,000 yuan/mt. Demand side, as the year-end approached, purchase willingness among downstream enterprises generally weakened. Additionally, factors such as the gradual recovery of DRC exports and falling refined cobalt prices dampened market trading sentiment, leading enterprises to focus on rigid demand. Overall, market transactions were sluggish this week. However, with strong support from upstream raw material costs, cobalt sulphate prices are expected to remain more likely to rise than fall in the near term.

SMM New Energy Research Team

Cong Wang 021-51666838

Rui Ma 021-51595780

Disheng Feng 021-51666714

Yanlin Lü 021-20707875

Wenhao Xiao 021-51666872

Haohan Zhang 021-51666752

Zihan Wang 021-51666914

Jie Wang 021-51595902

Yang Xu 021-51666760

Lianting Yang 021-51595835

Zhaoyu Wang 021-51666827