[SMM Weekly Review] The cobalt intermediate products market remained in a state of "quoted prices without actual transactions" this week, with prices stabilizing in the range of $25.5-$26.0/lb.

Published: Feb 5, 2026 18:41

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The cobalt intermediate products market remained in a state of nominal pricing with thin trading this week, with prices holding steady in the range of $25.5–26.0/lb. News such as the US "stockpiling plan" and the acquisition of certain cobalt mining rights of overseas miners by US-funded enterprises heightened market concerns about cobalt raw material shortages in China in 2026, strengthening suppliers' willingness to hold prices firm. However, as the year-end approaches, some smelters have entered the stage of clearing production lines and preparing for shutdowns, leading to a noticeable decline in purchase willingness and resulting in sluggish actual market transactions. Overall, against the backdrop of large-scale arrivals of cobalt intermediate products remaining distant, increased geopolitical risks are expected to exacerbate the structural tightness of domestic intermediate products, maintaining upward pressure on prices.

This week, the cobalt intermediate products market maintained a state of "having prices but no market," with prices stabilizing in the range of $25.5~26.0/lb. News such as the US "stockpile plan" and the acquisition of some cobalt mining rights of overseas miners by US-funded enterprises increased market concerns about cobalt raw material shortages in China in 2026, strengthening suppliers' willingness to hold prices firm. However, as the year-end approaches, some smelters have entered the stage of clearing production lines and preparing for shutdowns, leading to a significant weakening in purchase willingness and resulting in sluggish actual market transactions. Overall, against the backdrop that large-scale arrivals of cobalt intermediate products remain distant, increased geopolitical risks will exacerbate the structural tightness of domestic intermediate products, and prices still have upward drivers.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lü Yanlin 021-20707875

Xiao Wenhao 021-51666872

Zhang Haohan 021-51666752

Wang Zihan 021-51666914

Wang Jie 021-51595902

Xu Yang 021-51666760

Yang Lianting 021-51595835

Wang Zhaoyu 021-51666827

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