[SMM Analysis] Cobalt Chloride: The Stalemate of Holding Prices Firm Remained Unbroken, with the Transaction Center Holding Steady Near 115,000 Yuan

Published: Apr 2, 2026 17:05

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This week, the overall atmosphere in the cobalt chloride market continued last week's trend, with bullish and bearish sides remaining locked in a tug-of-war and no clear signs of easing in the stalemate. Supply side, top-tier enterprises remained firm in their stance to hold prices firm, with mainstream quotations staying above 116,000 yuan/mt and price support relatively solid. Demand side, downstream buying sentiment remained cautious, and market inquiry activity showed no substantive rebound. Affected by overall weak downstream demand, Co3O4 enterprises remained increasingly cautious toward raw material procurement, with restocking mainly consisting of scattered small-lot purchases, while the actual transaction center held near 115,000 yuan/mt. Overall, the market currently lacked a direct driver to push prices toward a directional breakout, and cobalt chloride prices were expected to continue moving steadily in the short term.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lv Yanlin 021-20707875

Zhou Zhicheng 021-51666711

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