On May 20, domestic quotes for metallic cobalt ranged from 412,000 to 432,000 RMB/ton, reflecting a strong consolidation phase; the overall cobalt market trend remains robust and stable. While the production, vehicle installation volume, and sales of ternary batteries have all shown increases on both year-on-year and month-on-month bases, demand within the cobalt market remains moderate. The Democratic Republic of the Congo (DRC) has issued new regulations governing cobalt ore export quotas; however, the new quota system has imposed multiple restrictions on operational and logistical processes, resulting in sluggish approval rates for DRC cobalt exports. Consequently, the execution progress of allocated quotas for most enterprises has fallen significantly behind schedule. Furthermore, the limited addition of new production capacity for cobalt products in Indonesia—coupled with existing cobalt recycling capabilities—has only partially alleviated the prevailing shortage in raw cobalt supply, resulting in only a marginal short-term increase in the overall cobalt market supply. Prices for cobalt salts and lithium cobalt oxide have stabilized. Meanwhile, Indonesia has systematically incorporated associated elements—such as cobalt, iron, and chromium—found in nickel ore into its pricing mechanism; this has led to increased cobalt production costs, thereby maintaining a supportive bullish factor for the cobalt market. International cobalt prices are currently undergoing volatile consolidation, which continues to provide positive support for the domestic cobalt market while bearish pressures have subsided. Overall, the cobalt market retains upward momentum, while downward pressures have diminished.

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