Price trend

On March 17, domestic quotes for metallic cobalt stood at 418,000–438,000 RMB/ton; quotes edged lower, reflecting a downturn in the cobalt market.

Market analysis

Production, vehicle installation volume, and sales of ternary batteries have declined on both year-on-year and month-on-month bases, leading to a decrease in demand within the cobalt market. Although cobalt exports from the Democratic Republic of the Congo (DRC) have resumed—facilitated by the government's export quota system and a 10% mining royalty—these shipments have not yet reached destination ports. Furthermore, cobalt miners were temporarily reserving their DRC export quotas for 2025. While new production capacity for cobalt products in Indonesia—along with increased cobalt recycling capabilities—has helped to partially offset the shortage of raw cobalt materials, the overall cobalt market remained in a state of supply deficit. Prices for cobalt salts have stabilized following a period of weakness, while prices for lithium cobalt oxide have declined; consequently, positive market drivers for cobalt have diminished. International cobalt prices temporarily remained stable; for the domestic market, bullish factors persisted, though bearish pressures had begun to subside. Overall, the upward momentum in the cobalt market had weakened, while downward pressure continued to linger.

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