SMM Cobalt Morning Meeting Minutes: This week, the cobalt industry chain overall stopped falling and stabilized. Spot refined cobalt prices rebounded slightly, boosted by policy news from the DRC, and market sentiment recovered somewhat, but actual transactions were still dominated by rigid demand stockpiling. Cobalt intermediate product prices remained stable, with miners’ quotations firm but limited acceptance from downstream smelters, resulting in a significant bid-ask spread. Market transactions for cobalt sulphate, cobalt chloride, and Co3O4 remained sluggish, with strong downstream wait-and-see sentiment and restocking demand not yet significantly released. Cobalt powder prices continued to decline, as off-season pressure on cemented carbide persisted. Ternary cathode precursor prices weakened, while ternary cathode materials rebounded slightly but with limited transactions. LCO demand remained relatively weak.

Domestic cobalt powder prices edged up this week. As raw material supply issues remained unresolved, producers generally held a cautious sales sentiment with low acceptance of low-priced orders. Most firms refused to budge on prices, unwilling to ship below expectations. Downstream demand stayed sluggish, with the cemented carbide sector—the core application field for cobalt powder—displaying cautious purchase willingness due to high tungsten carbide prices, failing to provide effective support. Consequently, overall cobalt powder shipments remained subdued.