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[SMM Weekly Review] Spot Prices of Refined Cobalt Maintained a Fluctuating Trend This Week
Oct 30, 2025, at 5:47 pm
This week, the spot price of refined cobalt maintained a fluctuating trend. Supply side, differentiation was observed, as low margins for refined cobalt led many smelters to halt production, while enterprises that continued operations generally suspended quotations under cost pressure. Recently, futures experienced significant volatility, and some traders faced funding pressure, actively offloading cargo with relatively low spot-futures price spreads. Demand side, downstream enterprises were concerned about further price declines, resulting in weak purchase willingness and continued just-in-time procurement pace, with no significant increase in overall transaction volume. Overall, after recent adjustments in cobalt futures prices, the price spread between refined cobalt and cobalt salt remained within a reasonable range. Future price increases for refined cobalt will depend on being driven up by cobalt salt prices.
This week, the spot price of refined cobalt maintained a fluctuating trend. Supply side, differentiation was observed, as low profits for refined cobalt led many smelters to halt production, and enterprises that continued operations generally suspended quotations under cost pressure. Recent futures fluctuations were significant, and some traders faced funding pressures, actively offloading cargo with spot-futures price spreads remaining at relatively low levels. Demand side, downstream enterprises were concerned about further price declines, resulting in weak purchase willingness and continued just-in-time procurement pace, with overall transactions not showing significant volume increases. Overall, after recent adjustments in refined cobalt prices, the price spread between refined cobalt and cobalt salts remained within a reasonable range. Future refined cobalt prices need to await an uptick driven by cobalt salt prices.
