Cobalt sulphate prices continued to rise this week. Supply side, smelters remained bullish on future cobalt prices, temporarily suspending quotations and raising intended selling prices. Intermediate product smelters increased their target prices to above 65,000 yuan/mt, while MHP and recycling enterprises raised their target prices to 61,500-62,000 yuan/mt. Demand side, some downstream ternary and cobalt tetroxide enterprises, concerned about potential supply gaps, showed increased purchase willingness recently. Ternary enterprises concluded transactions at 59,000-60,000 yuan/mt, and cobalt tetroxide enterprises at 65,000 yuan/mt. Overall, driven by rising raw material costs and downstream stockpiling, cobalt sulphate prices are expected to maintain a strong trend.
SMM New Energy Research Team
Wang Cong 021-51666838
Ma Rui 021-51595780
Feng Disheng 021-51666714
Lyu Yanlin 021-20707875
Xiao Wenhao 021-51666872
Zhou Zhicheng 021-51666711
