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

The price of cobalt sulphate increased last week. On the raw material side, the price of cobalt intermediates continued to rise last week, strengthening the cost support. On the supply side, as cobalt prices are still on the rise, some cobalt salt enterprises are reluctant to sell out. On the demand side, after meeting the mid-year targets, some precursor enterprises lowered production schedules in July. As it is difficult for precursor plants to pass cost pressure to downstream, cobalt sulphate price hike was somehow unacceptable. At present, the procurement is mostly concentrated in refined cobalt. In the market outlook, prices of cobalt sulphate may inch up.