This week, cobalt salt prices rose slightly. On February 22, the DRC announced a four-month suspension of cobalt exports to address the issue of supply surplus in the market. This news had a strong impact on market sentiment, with upstream smelters generally suspending quotations, and some quotations showing a sentiment to stand firm on quotes. This provided certain support to the cobalt salt market in the short term, driving prices upward. It is expected that next week, as market sentiment continues to ferment, the sentiment to stand firm on quotes will persist, inquiry activities may increase, and spot prices may rise slightly. However, due to the presence of certain inventory in the market and less-than-ideal actual demand, the momentum for sustained price increases is insufficient, and the price rise will be limited. In addition, the supply of cobalt raw materials remains relatively sufficient, and the oversupply situation is unlikely to change in the short term, making the possibility of sustained price increases in the future low, with a potential pullback.
SMM New Energy Research Team
Cong Wang 021-51666838
Rui Ma 021-51595780
Disheng Feng 021-51666714
Ying Xu 021-51666707
Yanlin Lü 021-20707875
Yujun Liu 021-20707895
Xiaodan Yu 021-20707870
Zhicheng Zhou 021-51666711
