This week, cobalt chloride producers generally continued to suspend quotations, with some producers having raised their price expectations to 110,000 yuan/mt. Only sporadic transactions were observed in the market, with transaction prices around 102,000 yuan/mt. Upstream smelters and traders exhibited strong wait-and-see sentiment; amid widespread suspensions of quotations by most enterprises and continuous price rises, those still offering also switched to suspending quotations, closely monitoring developments upstream, downstream, and among peers. Demand side, following the announcement of the DRC's export ban lift on September 22, panic sentiment once emerged in the market, but after nearly a month of digestion, the panic mentality gradually subsided. Affected by weaker demand expectations towards year-end and next year, downstream enterprises became more cautious in their procurement. Considering that upstream still possesses upward momentum, cobalt chloride prices are expected to continue rising next week.
SMM New Energy Research Team
Wang Cong 021-51666838
Ma Rui 021-51595780
Feng Disheng 021-51666714
Lü Yanlin 021-20707875
Zhou Zhicheng 021-51666711
