SMM weekly review and forecast for cobalt salt (cobalt sulphate and cobalt chloride)

Cobalt sulphate prices fell this week. Price support persisted due to low stocks in some cobalt salt firms. Traders, with extensive inventory and previous low costs, were ready to sell cheaply. Similarly, scrap businesses were also willing to offload at lower rates. Precursor producers’ operating rates dipped in July, and some still maintained large inventories, resulting in weakened demand. Refined cobalt prices have notably decreased, and the narrowing gap with cobalt salt discouraged inquiries from refined cobalt producers. Smelters anticipate dropping quotations to outbid traders for market share, potentially driving cobalt sulphate prices further down.