[SMM Weekly Review] This week, prices of cobalt intermediate products remained stable, holding within the range of $25.5-$26.0/lb.

This week, cobalt intermediate product prices held steady, remaining in the range of $25.5-26.0 per pound. Supply side, the availability of spot goods in the market was limited, and suppliers held prices firm. Demand side, under the current raw material costs, smelters returned to a state of losses, and enterprises maintained just-in-time procurement. There were no updates on export news; the export processes of various enterprises continued to advance steadily, with most miners expected to achieve exports by the end of January to early February 2026. However, current logistics in Africa are tight, and the transportation cycle is longer than expected. The first batch of intermediate products may arrive after late April, with large-volume arrivals being even slower. The structurally tight supply of intermediate products in the domestic market is difficult to reverse in the short term, and prices still have upward momentum.

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