This week, the spot price of cobalt sulphate continued to rise. On the supply side, with raw material prices continuously increasing, smelters and traders refused to budge on prices. The quotations for cobalt intermediate products from smelters remained at 54,000~55,000 yuan/mt, while MHP and recycling companies raised their quotes to 52,500~53,500, and traders increased their quotes to 51,000~52,000 yuan/mt. On the demand side, downstream purchasing inquiries remained strong this week, with some precursor and Co3O4 companies closing deals at 52,000 yuan/mt, and a small volume of high-grade cobalt sulphate traded at 53,000 yuan/mt. It is expected that under the influence of continuously rising raw material costs, the price of cobalt sulphate will likely maintain a relatively strong trend in the short term. However, the extent of the increase still depends on the actual purchase situation downstream. If there is a large-scale procurement by downstream buyers, the rise in cobalt sulphate prices will be smoother.
SMM New Energy Research Team
Wang Cong 021-51666838
Ma Rui 021-51595780
Feng Disheng 021-51666714
Lv Yanlin 021-20707875
Xiao Wenhan 021-51666872
Zhou Zhicheng 021-51666711
