Product/Specification | Market/Region | Quotation | Average Price | Change | Unit
:--- | :--- | :--- | :--- | :--- | :---
1# Cobalt | Guangdong Nanchu Spot | 413,000 - 433,000 | 423,000 | -20,000 | CNY/ton
1# Cobalt | Shanghai Metal Network | 415,000 - 450,000 | 432,500 | -14,500 | CNY/ton
Electrolytic Cobalt (99.8%) | Shanghai Huatong Spot | 421,000 - 431,000 | 426,000 | -20,000 | CNY/ton
Cobalt (250kg/drum, 99.95%) | Domestic/Zambia | 413,000 - 420,000 | 416,500 | -28,000 | CNY/ton
Cobalt Powder (-200 mesh, Domestic) | Shanghai Area | 560,000 - 580,000 | 570,000 | 0 | CNY/ton
Electrolytic Cobalt | Shanghai Jincang (Domestic Delivery) | 440,000 - 415,000 | 415,000 | -25,000 | CNY/ton

On February 2, the domestic metal cobalt quotation ranged from 413,000 to 450,000 CNY/ton. The quotation fluctuated and declined, indicating a downturn in the cobalt market. The production, installation volume, and sales of ternary batteries decreased month-on-month and year-on-year, leading to a decline in cobalt market demand. The Democratic Republic of the Congo (DRC) government's export quota system, along with a 10% mining royalty, and the resumption of cobalt exports from the DRC (with cobalt from the DRC yet to arrive at ports), have contributed to the situation. Cobalt miners have retained their 2025 cobalt export quotas for the DRC. New production capacity for cobalt products in Indonesia, along with cobalt recycling, has partially compensated for the supply shortage of cobalt raw materials. However, the overall supply shortage in the cobalt market persists. Rising cobalt costs, stabilizing cobalt salt prices, and steady lithium cobalt oxide prices continue to provide some support for the cobalt market. International cobalt prices have stabilized, which maintains a positive influence on the domestic cobalt market while reducing negative pressures. Overall, the cobalt market exhibits stronger upward momentum, though downward pressures still exist.