This week, cobalt prices continued to decline, with MB high-grade cobalt closing at $13.6–15/lb and low-grade cobalt at $13.3–14.4/lb. As the Western market is in summer break, downstream industries have placed fewer orders, and most traders are pushing for lower prices. However, the number of inquiries remains limited, and actual transactions are scarce, reflecting a weak market sentiment.
Domestically, metal cobalt has followed the global trend, with an average price drop of 3,000 yuan/ton this week. The mainstream market price is now around 203–209 yuan/kg, while imported cobalt is trading slightly lower at 201–202 yuan/kg. With the off-season slowdown, shipping has become more challenging, and overall trading activity is quiet and subdued.
The cobalt salt market remained relatively stable this week. Cobalt chloride was quoted between 5.3–5.5 million yuan/ton, while cobalt sulfate stayed in the range of 4.4–4.7 million yuan/ton. Cash transactions saw a slight downward pressure on pricing.
With the lithium battery sector showing signs of cooling, demand for raw materials has weakened. Although shipments of cobalt oxide remain acceptable, transaction difficulties at higher price points have become more apparent. Some manufacturers have slightly adjusted their prices, with the market price dipping as low as 170 yuan/kg, while the mainstream price remains around 172 yuan/kg.
Cobalt powder prices have remained stable, hovering around 255 yuan/kg. Demand from the hard alloy industry remains weak, and shipment volumes are moderate. Prices could potentially loosen further if demand doesn’t pick up soon.
Earlier in July, the market had overreacted to expectations surrounding Congo’s policy, creating a sense of false optimism. However, this did not align with real market demand. As these expectations faded, the price correction aligned with broader market expectations. Looking ahead, Glencore and Freeport are expected to reduce their cobalt supply in August, which could provide support once procurement activities resume. Overall, the market sentiment in July was bearish, with limited upside potential in the short term.
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