Cobalt chloride prices continued to rise, with strong bullish sentiment in the market.

This week, the mainstream quotations for cobalt chloride stood at 66,000-67,000 yuan/mt, with transaction prices in the spot market already climbing to a high of 66,000 yuan/mt. Market sentiment turned pessimistic over the expected continuation of DRC's cobalt raw material export policies in September, prompting midstream companies to actively stockpile and significantly boosting procurement sentiment. Concurrently, some upstream producers entered the market to purchase cobalt chloride, securing supplies at relatively high prices, which further propelled the market upward. Downstream Co3O4 order demand remained robust, providing strong support for cobalt chloride. Transaction prices for cobalt chloride are expected to retain upside room next week, potentially reaching 67,000 yuan/mt.

SMM New Energy Research Team

Cong Wang 021-51666838

Rui Ma 021-51595780

Disheng Feng 021-51666714

Yanlin Lv 021-20707875

Zhicheng Zhou 021-51666711