【SMM Analysis：Domestic and international demand are both weak, and the import and export volumes of refined cobalt have declined】

In July 2024, China's imports of unwrought cobalt were approximately 120 mt (metal content), down 54% MoM and down 70% YoY. In terms of import average price, the average import price of unwrought cobalt in China in July 2024 was $28,585/mt (metal content). From January to July 2024, the cumulative imports were 1,453 mt (metal content), down 48% YoY.

In terms of exports, in July 2024, China's exports of unwrought cobalt were approximately 654 mt (metal content), down 34% MoM and up 160% YoY. In terms of export average price, the average export price of unwrought cobalt in China in July 2024 was $26,397/mt (metal content). From January to July 2024, the cumulative exports were 4,763 mt (metal content), up 181% YoY.

According to SMM, due to the summer holidays overseas, demand declined, leading to a MoM decrease in July exports. On the import side, due to sufficient domestic supply and lower prices, the economic viability of imports weakened, resulting in a simultaneous decline in import volume.