[SMM Weekly Review] Spot refined cobalt prices continued a fluctuating trend overall this week, with limited market changes.

This week, the spot price of refined cobalt continued its fluctuating trend overall, with limited market changes. Supply side, smelters kept their ex-factory prices unchanged, and traders maintained a stable spot-futures price spread. Demand side, under high raw material cost pressure, downstream buyers remained cautious and continued just-in-time procurement, without the concentrated stockpiling seen in previous years. Overall market transactions remained sluggish. After this round of price increases, the price spread between refined cobalt and cobalt salts in metal equivalent terms was largely eliminated, the re-melting window closed, and there was a lack of new drivers. Prices are expected to move sideways in the short term.

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