In July, China's cobalt sulphate production was 5,317 mt in metal content, down 7% MoM and 37% YoY. The main reasons for the production decrease in July were: on one hand, although the downstream ternary cathode precursor production increased, the demand was more focused on medium-nickel and high-nickel materials, leading to limited recovery in cobalt demand. On the other hand, due to high market inventory and low spot prices, cobalt sulphate smelters reduced production under the pressure of losses.
In August, the overall supply and demand pattern is expected to remain unchanged, with the market likely focusing on destocking. Therefore, production is expected to continue to decline, with an estimated output of about 5,089 mt in metal content, down 4% MoM and 31% YoY.
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