[SMM analysis]: In July 2026, China's imports of cobalt hydrometallurgy intermediate products rose 48% MoM.

In July 2026, China's imports of cobalt hydrometallurgy intermediate products were approximately 16,174 mt in physical content, up 48% MoM and up 17% YoY. Among them, imports from the DRC were about 15,970 mt in physical content, up 48% MoM and up 21% YoY. The average import price of China's cobalt hydrometallurgy intermediate products in July 2026 was $17,915/mt in physical content, up 9.56% MoM.

In this month, about 10,046 mt in physical content of intermediate products imported by China from the DRC entered Zhejiang Province and Guangdong Province through Entrepot Trade by Customs Special Control Area, accounting for 62.9% of total imports; Ordinary Trade accounted for about 4,243 mt in physical content, representing 26.6%; processing trade with imported materials accounted for about 1,681 mt in physical content, representing 10.5%.

In addition, this month, China imported a total of 204 mt in physical content of intermediate products from Russia and Zambia through Ordinary Trade.