Cobalt Hydrometallurgical Intermediates

In November 2025, China imported approximately 5,317 physical tons of cobalt hydrometallurgical intermediates, marking a 30% month-on-month decrease and a 92% year-on-year decline. Imports from the Democratic Republic of the Congo totaled about 4,100 physical tons, down 35% month-on-month and 90% year-on-year. The average import price for China's cobalt hydrometallurgical intermediates in November 2025 was $10,161 per physical ton, a 12.13% increase month-on-month. From January to November 2025, China's cumulative imports totaled 308,988 physical tons, a cumulative year-on-year decrease of 46.29%. Based on the latest export progress from the DRC, while some pilot enterprises may achieve exports as early as late December 2025 to early January 2026, the majority of companies will likely not begin exports until after January 2026. Considering the nearly three-month shipping cycle from the DRC to China, China's imports of cobalt intermediates are expected to remain at low levels until at least March 2026.

Unwrought Cobalt

China's unwrought cobalt imports in November 2025 reached approximately 1,633 metric tons, marking a 483% month-on-month increase and a 231% year-on-year rise. The average import price for unwrought cobalt in November 2025 stood at USD 35,576 per metric ton, up 8% month-on-month. Cumulative imports from January to November 2025 reached 7,318 metric tons, marking a 165% year-on-year increase. The significant surge in monthly imports may stem from domestic smelters procuring low-priced older inventory and non-standard products from overseas or bonded zones to counteract cobalt salt financing.

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