Refined Cobalt: Spot refined cobalt prices stopped falling and rebounded this week. Supply side, refined cobalt prices climbed to 420,000 yuan/mt in the second half of the week. Major smelters raised ex-factory prices, while other smelters mostly offered limited volumes at parity. Traders maintained spot-futures price spreads at parity to a premium of 10,000 yuan/mt. Demand side, overall changes were relatively small. Downstream alloy and magnetic material enterprises continued small-batch, high-frequency purchasing as needed, strictly controlling inventory risks. This round of price increases was mainly driven by continuous inventory drawdown on electronic trading platforms and announcements of production cuts by MHP miners, with bullish sentiment warming up. However, after refined cobalt prices rebounded, the metal price spread with low-priced cobalt salts narrowed, and enterprises' willingness to reverse-dissolve may pull back somewhat. Short-term market prices are expected to move sideways. Cobalt Intermediate Products: Cobalt intermediate product prices pulled back slightly this week. Supply side, most suppliers remained relatively optimistic about the market outlook, holding offers above $26/lb. A small volume of low-priced cargoes traded mid-week, putting pressure on prices. Demand side, overall changes were limited. Constrained by cobalt salts struggling to catch up, the market only maintained sporadic rigid-demand purchases. On the shipping front, DRC cobalt intermediate product cargoes remained stranded at South African ports and in overland transit. Only a few miners completed small-batch vessel bookings in April, with arrivals expected from May to June. Affected by tight African shipping capacity, the remaining large-volume cargoes may be delayed to July for concentrated arrivals. Going forward, as downstream orders gradually materialize and restocking demand is released, cobalt intermediate product prices still have room for upward recovery. Cobalt Sulphate: Spot cobalt sulphate prices gradually stabilized this week. Supply side, mainstream brand offers remained stable at 93,000-96,000 yuan/mt. After refined cobalt prices rose, some smelters that had previously offered discounts to facilitate shipments raised their offers, and low-priced cargoes at 90,000 yuan/mt diminished. Demand side, ahead of the Labour Day holiday, most downstream enterprises remained on the sidelines, primarily consuming their own inventory, with only small volumes of rigid-demand purchases of low-priced cargoes on an opportunistic basis. In terms of production schedules, both ternary and LCO producers' May production plans showed recovery and incremental growth. As purchasing demand gradually recovers going forward, cobalt sulphate prices are expected to see a recovery rebound.

This week, the second-life battery cell market maintained overall price stability. Cost side, lithium carbonate prices fluctuated upward this week, nickel sulphate prices climbed steadily, while cobalt sulphate prices continued their weak downward trend. Overall, raw material futures showed divergent trends, but the strengthening of lithium and nickel categories would push up battery cell recycling and processing production costs. However, there was a certain time lag in the top-down transmission of raw material price changes to the battery cell market, forming strong bottom support for the market. Supply side, at the current stage, the overall supply volume of second-life and Grade A/B battery for well-known mobile phone cell markets remained stable, battery cell enterprises maintained orderly shipments pace, market circulating sources showed no significant incremental changes, and the supply side overall maintained a loose and balanced pattern without causing notable disruption to prices. Demand side, as the Labour Day holiday approached, some downstream enterprises initiated pre-holiday restocking and stockpiling activities, driving a slight recovery in rigid market demand. However, driven by the transmission of earlier high costs, second-life battery market prices had already risen last week, and the current overall price level was already in a relatively high level range. End-user terminals showed weak willingness to accept high-priced sources and remained cautious about purchasing at high prices. The demand side could hardly continue to drive prices to rise, with most participants purchasing as needed. Under the counterbalance of multiple factors, second-life battery market prices this week basically maintained a sideways and steady trend.

SMM April 28 News: Raw material side, lithium carbonate held up well this week due to supply disruptions from Zimbabwe's latest policy and mine license renewals in Jiangxi, nickel salt prices fluctuated.

SMM April 24: Most cobalt-related product prices remained stable this week, with only refined cobalt and cobalt sulphate prices continuing their gradual decline, edging down to varying degrees. However, on the raw material side, cobalt intermediate products continued to maintain a strong position, as suppliers' strong willingness to hold prices firm, combined with miners participating in market procurement, intensified the tight supply of spot cobalt intermediate products... SMM compiled the cobalt market price changes this week, as follows: : According to SMM spot quotes, spot refined cobalt prices edged down this week. After a decline of 2,000 yuan/mt on April 23, spot refined cobalt prices remained at 408,000-418,000 yuan/mt, with an average price of 413,000 yuan/mt. According to SMM, futures fluctuations for refined cobalt narrowed this week, and the market operated steadily overall. From a supply-demand perspective, on the supply side, the firm pricing sentiment persisted, with mainstream smelters maintaining ex-factory prices, and traders keeping the spot-futures price spread at parity to a premium of 10,000 yuan/mt, with only a few traders offering discounts to accelerate capital recovery. On the demand side, the weak pattern continued, as downstream alloy and magnetic material enterprises saw no recovery in orders, maintaining cautious procurement strategies focused on small-batch, high-frequency purchasing as needed, strictly controlling inventory risks. After refined cobalt prices stabilized at low levels, some downstream enterprises shifted to more optimistic expectations for the market outlook, with restocking willingness slightly rebounding. In the short term, weak demand continues to weigh on prices, while high raw material costs and the reverse dissolution price spread provide solid bottom support. Prices are expected to maintain a fluctuating trend. As downstream demand gradually recovers going forward, refined cobalt prices still have upside room. Cobalt salt ( and ): : According to SMM spot quotes, spot cobalt sulphate prices maintained a fluctuating downward trend this week. As of April 24, spot cobalt sulphate prices fell to 93,700-96,400 yuan/mt, with an average price of 95,050 yuan/mt, down 300 yuan/mt from 95,350 yuan/mt on April 17, a decline of 0.32%. From a supply-demand perspective, according to SMM, on the supply side, mainstream cobalt sulphate smelters maintained quotes at 94,000-97,000 yuan/mt, supported by production costs. Some recycling enterprises and traders, under capital turnover pressure, offered concessions on shipments, lowering quotes to 92,000-93,000 yuan/mt, while some older cobalt sulphate inventory was transacted at around 90,000 yuan/mt. Demand side, downstream enterprises saw sluggish demand, compounded by sufficient inventory levels, leading to weak overall restocking willingness, with only small volumes of low-priced resources purchased as needed. In the short term, affected by a small amount of low-priced supply from upstream and weak downstream demand, cobalt sulphate prices are likely to remain in the doldrums, with prices expected to see a corrective rebound once purchasing demand recovers. : According to SMM spot quotes, spot cobalt chloride quotes remained stable this week. As of April 24, spot cobalt chloride held steady at 114,500-116,200 yuan/mt, with an average price of 115,350 yuan/mt. According to SMM, the cobalt chloride market continued to see a tug-of-war between bulls and bears this week, with the stalemate showing no signs of a breakthrough. In terms of supply, top-tier enterprises maintained firm quotes, with mainstream prices hovering around 116,000 yuan/mt and relatively solid support at the bottom; small and medium-sized producers, under pressure to recover funds, flexibly lowered shipment prices to 114,000-115,000 yuan/mt, but actual transaction volumes remained limited. Demand side, downstream participants remained predominantly cautious and on the sidelines. Although market inquiries were relatively active, substantive transaction increments were insufficient. Dragged down by weak end-use demand, Co3O4 enterprises maintained a conservative purchasing strategy for raw material cobalt chloride, with only occasional sporadic small orders for restocking. Overall, the cobalt chloride market still lacked clear momentum to drive a price breakthrough. : According to SMM spot quotes, spot Co3O4 quotes ran steadily this week. As of April 24, spot Co3O4 quotes held at 360,000-367,000 yuan/mt, with an average price of 363,500 yuan/mt. According to SMM, the overall trading activity in the spot Co3O4 market was low this week. Top-tier enterprises slightly lowered their quotes, but the periodically tight supply of cobalt intermediate products provided effective cost support for prices. Downstream LCO material enterprises continued to purchase as needed, mostly restocking in small volumes based on orders on hand, with market inquiry activity remaining at a moderate level. Looking ahead, end-use demand performance remains the key variable determining the purchasing intensity of cathode materials. Against the backdrop of overall weak demand, the Co3O4 market is expected to remain focused on holding prices stable and staying on the sidelines in the short term, with all parties operating cautiously. Regarding raw material cobalt intermediate products, according to SMM spot quotes, cobalt intermediate product prices held up well this week. As of April 24, spot cobalt intermediate products (CIF China) were quoted at $26-26.25/lb, with an average price of $26.125/lb. From a supply-demand perspective, according to SMM, suppliers on the supply side showed strong willingness to hold prices firm this week. Coupled with miners participating in market purchasing, spot tightness intensified, with some enterprises maintaining quotes above $26.0/lb. Demand side, downstream purchase willingness recovered slightly, but constrained by cobalt salt prices struggling to catch up, enterprises mostly adopted a wait-and-see approach with inquiries, with only small-volume transactions concluded in the $25.8–$25.9/lb range. It was learned that cobalt intermediate product cargoes from the DRC remained stranded at South African ports and in transit by land, 4 with only a few miners completing small-volume vessel bookings in April, expected to 5~6 arrive at port in May–June; affected by tight shipping conditions in Africa, the remaining cargoes are not expected to arrive in China in bulk until 7 July. Going forward, as downstream orders materialize and restocking demand is released, cobalt intermediate product prices still have upward momentum. On the news front, at the SMM Information & Technology Co., Ltd. (SMM) -hosted , SMM cobalt industry analyst Xiao Wenhao provided an outlook on the future development of the Chinese and global cobalt markets following the DRC cobalt export ban. On the domestic front, he noted that under the impact of the DRC policy, the Chinese cobalt market continued destocking, and cobalt product prices surged upward. Taking cobalt intermediate products as an example, as of March 2026, the spot price of cobalt intermediate products (CIF China) had risen to $25.85/lb, representing a 349.57% increase compared to $5.75/lb on February 25, 2025. According to SMM, since May 2025, the cobalt market began shifting into a tight supply situation, which is expected to see slight relief by June 2026. In addition, he also analyzed the supply-demand balance of the Chinese and global cobalt markets under two scenarios respectively: a pessimistic scenario — the DRC exports only the base quota of 87,000 mt + 70% exported to China, and a neutral scenario — the DRC maintains a long-term cobalt intermediate product export quota of 96,600 mt + 80% exported to China. Under the former assumption, according to SMM estimates, from 2025 to 2028, China's cobalt resources will exhibit a tight supply situation, with the Chinese market continuously facing raw material shortages. It is not until 2029–2030 that China's cobalt resource shortage is expected to ease, shifting to a tight balance. The DRC, on the other hand, shifted from a previous tight supply-demand balance to a significant oversupply in 2025, and the oversupply of its cobalt resources is expected to continue expanding in the coming years. Under the neutral scenario assumption, SMM expects that China's cobalt resources will exhibit a tight supply-demand balance in 2026, gradually shifting to a slight oversupply after 2027, though the surplus will be relatively small. The DRC's cobalt resources reached a supply-demand inflection point in 2025, and from 2025 onward are expected to exhibit a significant oversupply.

Refined Cobalt: Refined cobalt spot prices continued their weak downward drift this week. Futures fluctuations narrowed, and the market operated steadily overall. Supply side, the firm-pricing sentiment persisted, with mainstream smelters holding ex-factory quotes stable. Traders maintained spot-futures price spreads at parity to a 10,000 yuan/mt premium, with only a few traders offering discounts to accelerate capital recovery. Demand side, the weak pattern continued, as downstream alloy and magnetic material enterprises saw no recovery in orders, maintaining cautious procurement strategies focused on small-batch, high-frequency purchasing as needed to strictly control inventory risks. After prices stabilized at low levels, some downstream enterprises turned more optimistic about the market outlook, with restocking willingness slightly rebounding. In the short term, weak demand continued to suppress prices, while high raw material costs and the reverse dissolution price spread provided solid bottom support. Prices are expected to maintain a fluctuating trend. As downstream demand gradually recovers, refined cobalt prices still have upside room. Cobalt Intermediate Products: Cobalt intermediate product prices continued to hold up well this week. Supply side, suppliers had strong willingness to hold prices firm, and miners' participation in market procurement exacerbated spot cargo tightness, with some enterprises maintaining quotes above $26.0/lb. Demand side, downstream purchase willingness recovered slightly, but constrained by cobalt salt prices struggling to catch up, enterprises mostly inquired and waited, with only small-batch transactions in the $25.8-25.9/lb range. It was learned that DRC cobalt intermediate product cargoes remained stranded at South African ports and in transit by land. In April, only a few miners completed small-batch vessel bookings, with arrivals expected in May-June. Affected by tight African shipping, the remaining cargoes are not expected to arrive in China in bulk until July. As downstream orders materialize and restocking demand is released, cobalt intermediate product prices still have upward momentum. Cobalt Sulphate: Cobalt sulphate market prices continued their downward drift this week. Supply side, mainstream smelters, supported by production costs, maintained quotes at 94,000-97,000 yuan/mt. Some recycling enterprises and traders, under capital turnover pressure, offered concessions on shipments, lowering quotes to 92,000-93,000 yuan/mt. Additionally, some older cobalt sulphate inventory was transacted at around 90,000 yuan/mt. Demand side, downstream enterprise demand remained sluggish, compounded by sufficient inventory levels, with overall restocking willingness remaining weak and only small volumes of low-priced resources purchased as needed. In the short term, impacted by a small amount of low-priced upstream supply and weak downstream demand, cobalt sulphate prices may continue to be in the doldrums. Once procurement demand recovers, prices are expected to see a corrective rebound.

This week, the second-life battery market saw overall prices edge up, with market conditions rising on cost support and demand boost. Cost side, prices of major lithium battery raw materials diverged this week. Lithium carbonate prices maintained a fluctuating yet upward trend, providing notable support to overall costs. Nickel sulphate prices edged up in tandem, while cobalt sulphate prices remained stable and edged down slightly. Under the combined effect of various raw materials, the cost side of second-life battery cells overall stayed high. Supply side, shipment pace of second-life battery cells as well as Grade A and Grade B battery cells for well-known mobile phones from battery cell manufacturers remained largely stable. The volume of goods circulating in the market showed no significant increase or decrease, and the supply side maintained an overall stable trend without causing notable disruption to market prices. Demand side, as lithium, cobalt, nickel and other salt products continued to fluctuate at highs over the long term, elevated costs provided strong support to second-life battery market prices, thereby driving overall market prices to edge up recently. Among them, high-demand battery cells in the ESS sector saw more significant price increases. Prices of mainstream ESS-grade battery cells such as Grade A 314Ah and 280Ah models continued to rise, with current price levels gradually approaching those of brand-new battery cells.

This week, ternary cathode precursor prices rose. Nickel sulphate prices increased today, cobalt sulphate prices declined, and manganese sulphate prices held steady.

Refined Cobalt: Spot refined cobalt prices hovered at lows this week. Supply side, the firm-pricing sentiment persisted, with mainstream smelters holding ex-factory quotes steady and traders maintaining spot-futures price spreads at parity to a premium of 10,000 yuan/mt. Demand side, downstream alloy and magnetic material enterprises saw weak orders and adopted a cautious purchasing stance, mostly procuring in small batches at high frequency to control inventory risks. However, after prices stabilized at low levels, some enterprises turned bullish on the outlook, and restocking willingness improved. In the short term, weak demand continued to weigh on prices, but high raw material costs and the reverse price spread provided strong floor support. Prices were expected to remain range-bound; as demand recovers going forward, refined cobalt still has upside room. Cobalt Intermediate Products: Cobalt intermediate product prices held up well this week, with spot quotes edging up gradually. Supply side, suppliers showed strong willingness to hold prices firm, and some miners also participated in market purchases, further intensifying the tight spot supply situation. Demand side, downstream purchase willingness recovered somewhat, but as cobalt salt prices struggled to catch up, enterprises mostly adopted a wait-and-see approach with inquiries, and actual transactions were limited. It was learned that DRC export volumes in March increased significantly, but most cargoes currently remained stranded at South African ports or in transit by land, with a low proportion having secured vessel bookings. Concentrated arrivals at ports were not expected until June–July. As downstream orders gradually materialize and restocking demand is released going forward, cobalt intermediate product prices still have upward momentum. Cobalt Sulphate: The cobalt sulphate market saw sluggish trading activity this week, with prices continuing a gradual downward trend. Supply side, mainstream smelters lowered quotes to 94,000-97,000 yuan/mt; some recycling enterprises and traders, under cash flow pressure, made concessions on shipments, with low-quality cargo prices staying at 90,000-93,000 yuan/mt. Demand side, downstream orders remained uncertain, compounded by top-tier enterprises having ample inventory and low-priced cargo dampening purchase sentiment, resulting in overall weak restocking willingness downstream, with only small volumes of low-priced resources procured on an as-needed basis. Cost side, cobalt intermediate product prices rose, and Indonesia's nickel tax policy pushed up smelting costs, significantly weakening enterprises' willingness to cut prices; meanwhile, some downstream players believed prices were already at low levels and their own inventory was approaching safety margins, generating restocking willingness. Cobalt sulphate prices may gradually stabilize, and once procurement demand recovers, prices are expected to see a corrective rebound.

The second-life application battery cell market operated in a mediocre manner overall this week, with no significant improvement in market conditions. Cost side, lithium carbonate prices rose, nickel sulphate edged up in tandem, and cobalt sulphate pulled back slightly. Under divergent raw material trends, overall cost support remained relatively stable. Supply side, battery cell enterprises maintained a steady shipments pace, with no notable increase or decrease in market supply. Demand side, structural differentiation was significant: energy storage remained the core driver, with tight supply of mainstream models such as 314Ah and 280Ah, but the price uptrend had clearly slowed down; B-grade battery cells, constrained by higher procurement standards and compliance requirements, struggled to enter the mainstream market, with prices remaining stable. The small power market was significantly impacted by the "Interim Measures for the Recovery and Comprehensive Utilization of Waste Power Batteries from New Energy Vehicles" implemented on April 1. The new regulation explicitly prohibits the use of waste power batteries in e-bike and other sectors, creating a temporary gap in previously applicable scenarios. Currently, stable prices in the small power sector were not supported by demand but mainly because lithium, nickel, and cobalt salt prices remained at elevated levels, leaving enterprises limited room for price concessions, with strong wait-and-see sentiment prevailing in the market.

This week, ternary cathode precursor prices edged down. Today, nickel sulphate prices rose slightly, cobalt sulphate prices dipped marginally, and manganese sulphate prices held steady. Payables side, for April and Q2 orders, some producers were willing to raise discounts due to significant raw material price fluctuations. Long-term contract side, some producers recently negotiated long-term contracts. Some producers saw slight increases in nickel and cobalt discounts, while others may have had some room for negotiation on processing fees. However, as downstream acceptance of high-priced raw materials remained weak, the overall upside room for coefficients is expected to be limited. Spot order side, cobalt and manganese coefficients generally held stable in April. Downstream purchasing sentiment was weak, and further rises are expected to be difficult. If nickel prices strengthen further, nickel coefficients may have some room to rise.