en.Wedoany.com Reported - In the last week of June, prices of products in the cobalt supply chain generally faced downward pressure, with cobalt sulfate and cobalt chloride both recording five consecutive declines. The spot price of electrolytic cobalt fell below the 380,000 yuan/ton mark during the week.
According to SMM spot price data, the spot price of electrolytic cobalt rose by 2,500 yuan/ton on the last trading day of June 26, but still showed an overall decline for the week. As of June 26, the spot price of electrolytic cobalt ranged from 374,000 to 385,000 yuan/ton, with an average price of 379,500 yuan/ton, down 4,000 yuan/ton from June 18, a decrease of 1.04%.
On the supply side, the ex-factory price from major smelters was lowered to 385,000 yuan/ton, and most traders suspended quotations, leading to a strong wait-and-see sentiment in the market. On the demand side, influenced by the mentality of buying on rising prices rather than falling ones, alloy companies delayed restocking, while some magnetic materials companies released limited procurement demand near the 380,000 yuan/ton level. In the short term, stabilization of electrolytic cobalt prices requires easing of market capital pressure and a halt in the decline of cobalt salts and related products.
Regarding cobalt intermediate prices, as of June 26, the spot price of cobalt intermediates (CIF China) ranged from $24.75 to $25.5 per pound, with an average price of $25.125 per pound, showing little change in the overall price center. Major miners maintained quotations around $25.5 per pound, but downstream smelters' purchase intentions were generally below $25 per pound. Some smelters planned to sell their intermediates at $24.8 to $24.9 per pound and instead purchase low-cost recycled black powder to control costs. Since May, some Chinese-funded mining companies have increased booking and shipping volumes, and since June, some leading mining companies have resumed shipments. It is expected that the arrival volume of intermediates will slowly increase in the coming months, with potential batch arrivals after August. In the short term, cobalt intermediate prices are likely to continue consolidating sideways.
For cobalt sulfate, spot prices continued to weaken this week, recording five consecutive declines. The price fell to between 85,000 and 87,300 yuan/ton, with an average price of 86,150 yuan/ton, down 2,350 yuan/ton from June 18, a decrease of 2.66%.
This week, the cobalt sulfate market saw light trading, with spot prices slowly moving downward. Primary smelters maintained relatively firm quotations, with the minimum selling intention price holding above 85,000 yuan/ton. Some recycling smelters and traders, under cash flow pressure, lowered their quotations to between 80,000 and 81,000 yuan/ton. On the demand side, companies' psychological price levels were mostly concentrated between 79,000 and 80,000 yuan/ton. Low-priced supply did not fully match downstream requirements in terms of commercial terms and quality, limiting bulk transactions. In the short term, the weak trend in cobalt sulfate prices is unlikely to reverse.
For cobalt chloride, spot prices also recorded five consecutive declines this week. As of June 26, the spot price of cobalt chloride fell to between 104,000 and 106,500 yuan/ton, with an average price of 105,250 yuan/ton, down 3,750 yuan/ton from June 18, a decrease of 3.44%. The market remained extremely quiet this week, with few effective transactions. On the supply side, the vast majority of smelting companies suspended quotations, and sporadic quotes provided limited guidance for transactions. On the demand side, downstream manufacturers' purchasing intentions were further suppressed by weak end-user demand and persistently falling prices. However, a relatively positive signal emerged this week: as current transactions can no longer be included in the interim performance reporting window for various companies, upstream quotations have stabilized and stopped declining. The guidance value of price trends in July remains worth close attention.
For cobalt tetroxide, spot prices fluctuated downward this week. As of June 26, the spot price of cobalt tetroxide fell to between 329,000 and 341,000 yuan/ton, with an average price of 335,000 yuan/ton, down 3,500 yuan/ton from June 18, a decrease of 1.03%.
This week, the cobalt tetroxide market remained sluggish, with few actual transactions. Upstream manufacturers had divergent views on the future market outlook. Companies that were previously bearish had largely completed their shipments, leading to a phased release of price pressure, and quotations stabilized this week. On the demand side, downstream cathode material manufacturers generally adopted a wait-and-see approach. The subsequent trend of cobalt tetroxide will still depend on the price direction of cobalt salts.
On the news front, recent import and export data for cobalt products in May were released. According to customs data, China's imports of unwrought cobalt in May 2026 were approximately 673 tons, down 50% month-on-month but up 3% year-on-year. The top three import sources were Indonesia, Madagascar, and Canada, with import volumes of 211 tons, 93 tons, and 85 tons, respectively. The significant decline in import volume was mainly due to the depletion of previously imported low-cost overseas cobalt raw materials, with new imports of cobalt plates and cobalt beans priced higher than other domestic cobalt raw materials. In May 2026, the average import price of unwrought cobalt in China was $54,557 per ton, up 3.48% month-on-month. From January to May 2026, cumulative imports totaled 6,589 tons, a cumulative year-on-year increase of 120%.
On the export side, China's exports of unwrought cobalt in May 2026 were approximately 370 tons, up 70% month-on-month but down 88% year-on-year. Among these, exports to the Netherlands surged to 205 tons, up 791% month-on-month. The average export price was $53,403 per ton, down 2.17% month-on-month. From January to May 2026, cumulative exports totaled 2,161 tons, a cumulative year-on-year decrease of 79%.
For cobalt hydrometallurgical intermediates, China's imports in May 2026 were approximately 2,584 physical tons, up 107% month-on-month but down 95% year-on-year. Among these, imports from the Democratic Republic of the Congo were 2,066 physical tons, up 119% month-on-month but down 96% year-on-year. The average import price was $16,607 per physical ton, down 3.37% month-on-month. Since May, some Chinese-funded mining companies have increased booking and shipping volumes, and since June, some leading mining companies have resumed shipments. It is expected that the arrival volume of intermediates will slowly increase in the coming months, with potential batch arrivals after August.
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