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[SMM Weekly Review] Cobalt Intermediate Products: Spot Cargoes Firm at $25/lb, Quotas May Extend Beyond the Year, Price Support Remains Strong
Dec 31, 2025, at 3:34 pm
Cobalt intermediate products remained strong this week, with spot cargoes remaining scarce and the "price without market" situation unchanged. Supply side, after a small amount of spot transactions were concluded at $25.0/lb, offer prices continued to attempt to move higher, while Q2 2026 futures offers held at $27/lb. Demand side, smelters only sporadically restocked for rigid needs due to losses. In terms of export progress, pilot enterprises had not completed their first shipments, with the earliest small-batch pilot exports expected to be completed in early January 2026. Concentrated shipments may not occur until mid-to-late January or later. Given a three-month shipping cycle, bulk arrivals of DRC supplies are expected in March-April next year. The logic of structural tightness in domestic raw materials remains unchanged, providing solid support for prices.
Cobalt intermediate products remained strong this week, with scarce spot cargoes and the "price without market" situation unchanged. Supply side, after a small amount of spot transactions at $25.0/lb, offer prices continued to attempt to move higher, while Q2 2026 futures offers held at $27/lb. Demand side, smelters faced losses and only made sporadic restocking for rigid demand. Regarding export progress, pilot enterprises had not completed the first shipment, with the earliest small-batch pilot exports expected to be completed in early January 2026. Concentrated shipments were likely to occur after mid-to-late January. Given a three-month transportation cycle, bulk arrivals of DRC supplies were expected around March-April next year. The logic of structural tightness in domestic raw materials remained unchanged, with solid support below prices.
