SunSirs: Concentrated Arrival of Cobalt Raw Materials at Ports Led to a Sharp Drop in Cobalt Prices

Cobalt prices fell sharply in July

According to the cobalt market analysis system from SunSirs, the price of cobalt stood at 355,900 RMB/tonne on July 22, marking a decline from the 383,800 RMB/tonne recorded on July 10—a drop of 7.27%. Cobalt prices fell sharply starting in mid-July; while the downward momentum has since slowed, prices remain under significant pressure. The domestic cobalt market is generally characterized by a "stalemate at low levels" and "weak stability," though cost support at the market floor is gradually strengthening.

Supply side: Cobalt raw materials from the Democratic Republic of the Congo (DRC) are arriving at ports in concentrated volumes.

Data from the General Administration of Customs shows a significant surge in China's cobalt raw material imports in June 2026. Imports of cobalt hydrometallurgical intermediate products reached 10,960.945 tonnes, up 324.12% month-on-month; imports of unwrought cobalt totaled 1,120.108 tonnes, an increase of 66.43% month-on-month and 104.64% year-on-year; and imports of cobalt(II,III) oxide amounted to 2.123 tonnes. With cobalt raw materials from the Democratic Republic of the Congo (DRC) arriving successively in June, import volumes rose sharply. As concentrated arrivals from the DRC are expected between July and August, the increased supply of raw materials is intensifying downward pressure on cobalt prices.

In 2025, China's supply of recycled cobalt stood at approximately 23,000 tonnes (metal content). In the first half of 2026 alone, the supply reached 21,000 tonnes, with the full-year figure projected to hit 45,000-50,000 tonnes—sufficient to meet 35% of China's cobalt demand. This substantial growth in recycled cobalt supply has significantly alleviated the shortage in the cobalt market.

Market Overview and Outlook

Analysts at SunSirs note that China’s imports of cobalt raw materials surged in June, with shipments from the Democratic Republic of the Congo (DRC) arriving steadily and a concentrated influx expected throughout July and August. Coupled with increased supplies of recycled cobalt—which significantly alleviated the market's supply shortage—the overall supply of cobalt rose sharply, driving prices down. However, the drop in prices and the arrival of DRC shipments may prompt downstream enterprises to engage in concentrated restocking; this potential short-term surge in demand could stimulate a rebound in cobalt prices. In summary, while the concentrated arrival of DRC cobalt raw materials has created a temporary supply surplus, prices may halt their decline and rebound as downstream restocking drives a recovery in demand.

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