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[SMM Weekly Review] Cobalt Intermediate Products Remained Strong This Week, with Scarce Spot Cargo and an Unchanged Pattern of "Price Without Market"
Dec 25, 2025, at 3:36 pm
Cobalt intermediate products remained strong this week, with spot cargoes in circulation remaining scarce, and the "nominal price without actual transactions" pattern persisted. On the supply side, mainstream spot offers held firm at $25.0/lb, while futures offers for Q2 2026 stood at $27/lb. On the demand side, smelters only maintained sporadic restocking for essential needs, constrained by losses. Regarding export progress from the DRC, pilot enterprises had not yet completed export procedures, while other enterprises' export processes were even slower, raising the possibility that all quotas for this year would be exported early next year. Factoring in a three-month shipping cycle, DRC-origin cargoes are expected to arrive in concentrated volumes around March-April next year. The logic of structural tightness in domestic raw materials remains unchanged, and price support at lower levels continues to be solid.
Cobalt intermediate products remained strong this week, with scarce spot cargoes and an unchanged pattern of "price without market." On the supply side, mainstream spot offers held firm at $25.0/lb, while Q2 2026 futures were offered at $27/lb. On the demand side, smelters only maintained sporadic restocking for rigid needs, constrained by losses. Regarding DRC export progress, no pilot enterprises have yet completed the export process, and procedures for other enterprises are even slower, raising the possibility that all quotas for this year may be exported early next year. Factoring in a three-month shipping cycle, concentrated arrivals of DRC cargoes are expected around March-April next year. The logic of structural tightness in domestic raw materials remains unchanged, and price support at lower levels remains solid.
