This week, the spot price of cobalt intermediate products continued to rise. Overseas traders were optimistic about the upward trend, with overseas market prices continuously increasing and a small volume of transactions at $13.3/lb in the domestic market. On the supply side, major miners maintained their stance on refusing to budge on prices, while traders continued to raise quotes and control the pace of shipments. On the demand side, the increase in cobalt salt prices was slower than that of intermediate products. Smelters maintained a just-in-time procurement rhythm, with few transactions above $13.1/lb. Some companies, due to severe losses from production costs, sold raw material inventories in the market. Overall, influenced by the DRC's policy extension, China's cobalt intermediate products will continue to face raw material shortages in the future, providing upward momentum for prices. However, during this process, attention needs to be paid to the suppression of downstream demand caused by the rise in raw material prices.
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
