This week, refined cobalt prices stopped falling and rebounded. On the supply side, smelters continued to supply under long-term contracts, and ex-factory prices remained unchanged due to production costs. At the weekend, customs data was released, boosting market sentiment. Domestic futures prices stabilized and rebounded, with traders' quoted prices and transaction prices following the upward trend. On the demand side, social inventory of refined cobalt remained high. Additionally, downstream alloy and magnetic material factories experienced weak demand due to high temperatures, and most downstream producers maintained a just-in-time procurement rhythm. However, some traders reported that market inquiries and transactions had improved somewhat compared to last week, with a small number of downstream enterprises replenishing their stocks ahead of schedule due to bullish sentiment. Overall, the current time point is still in the off-season for demand. In the short term, refined cobalt prices will maintain a fluctuating trend. Subsequent price trends will require close attention to cost increases and the digestion of social inventory.
SMM New Energy Research Team
Wang Cong 021-51666838
Ma Rui 021-51595780
Feng Disheng 021-51666714
Lv Yanlin 021-20707875
Xiao Wenhao 021-51666872
Zhou Zhicheng 021-51666711
