| Product/Specification | Market/Region | Quote | Average Price | Change | Unit |
|---|---|---|---|---|---|
| 1# Cobalt | Guangdong Nanchu Spot | 410,000 - 430,000 | 420,000 | -3,000 | CNY/ton |
| 1# Cobalt | Shanghai Metal Network | 413,000 - 443,000 | 428,000 | -4,500 | CNY/ton |
| Electrolytic Cobalt (99.8%) | Shanghai Huatong Spot | 416,000 - 426,000 | 421,000 | -5,000 | CNY/ton |
| Cobalt (250kg/drum, 99.95%) | Domestic/Zambia | 412,000 - 421,000 | 416,500 | 0 | CNY/ton |
| Cobalt Powder (-200 mesh, Domestic) | Shanghai Region | 560,000 - 580,000 | 570,000 | 0 | CNY/ton |
| Electrolytic Cobalt | Shanghai Jincang (Domestic Delivery) | 415,000 - 411,000 | 411,000 | -4,000 | CNY/ton |
On February 3, the domestic metal cobalt price was quoted at 410,000 - 443,000 CNY/ton, showing a fluctuating decline. The cobalt market experienced a downturn, with production, installation, and sales volumes of ternary batteries decreasing both month-on-month and year-on-year, leading to reduced demand for cobalt. The export quota system implemented by the Democratic Republic of the Congo (DRC) government, along with a 10% mining royalty, has impacted cobalt exports. While cobalt exports from the DRC have resumed, shipments have not yet arrived at ports. Cobalt miners are retaining their export quotas for 2025 in the DRC. Additionally, new production capacity for cobalt products in Indonesia, coupled with cobalt recycling, has partially offset the supply shortage of cobalt raw materials. However, the overall cobalt supply remains tight. Rising cobalt production costs, stabilizing prices of cobalt salts and lithium cobalt oxide continue to provide some support to the cobalt market. Internationally, cobalt prices have stabilized weakly, with positive factors for the domestic cobalt market persisting while negative factors have diminished. Overall, the upward momentum in the cobalt market has weakened, but downward pressure remains.
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