The cobalt intermediate products market continued its relatively strong trend this week, but overall changes were relatively small, maintaining a pattern of "price without market," with sluggish transactions. On the supply side, suppliers held firm positions, with mainstream offers still anchored around $24.5-25.0/lb. On the demand side, smelters maintained a wait-and-see stance as raw material costs remained higher than cobalt salt selling prices, with the inversion margin not narrowing, resulting in only sporadic inquiries for essential needs. As of this week, export procedures from the DRC had not been completed, and shipments of intermediate products remained stalled. Based on a three-month shipping schedule, domestic raw material arrivals are expected around March next year. During this period, the logic of structural tightness remains unchanged, providing continued support for a rise in intermediate product prices.
SMM New Energy Research Team
Wang Cong 021-51666838
Ma Rui 021-51595780
Feng Disheng 021-51666714
Lü Yanlin 021-20707875
Xiao Wenhao 021-51666872
Zhang Haohan 021-51666752
Wang Zihan 021-51666914
Wang Jie 021-51595902
Xu Yang 021-51666760
Yang Lianting 021-51595835
Wang Zhaoyu 021-51666827
