[Cobalt] China's unwrought cobalt imports fell 37% MoM in September 2026, while exports rose 9% MoM

Published: Oct 20, 2026 18:24 (GMT+8)

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China's imports of unwrought cobalt were approximately 642 mt in September 2026, down 37% MoM and down 25% YoY. By country, the top three sources of refined cobalt imports were Indonesia, Russia, and Australia, with imports of 402 mt, 123 mt, and 50 mt, respectively. In September, the price spread between refined cobalt in China and ex-China widened further, with theoretical import losses expanding to approximately 150,000 yuan/mt, leading to a significant reduction in market import supply. However, imports remained above 600 mt as some brands of refined cobalt still had to be shipped to China due to long-term contracts or operational requirements, and Indonesian material continued to flow in through bonded channels. In terms of average import price, China's average import price of unwrought cobalt was $51,313/mt in September 2026, down 0.85% MoM. Cumulative imports in January-September 2026 totaled 10,416 mt, up 93% YoY.

On the export side, China's exports of unwrought cobalt were approximately 527 mt in September 2026, up 9% MoM and down 1% YoY. By country, the top three export destinations were the US, the Netherlands, and India, with exports of 212 mt, 202 mt, and 41 mt, respectively. In terms of average export price, China's average export price of unwrought cobalt was $53,876/mt in September 2026, down 1.14% MoM. Cumulative exports in January-September 2026 totaled 3,990 mt, down 70% YoY.

Data Source Statement: Except for publicly available information, all other data are processed by SMM based on publicly available information, market communication, and relying on SMM's internal database model. They are for reference only and do not constitute decision-making recommendations.

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