In July, the cobalt market saw a continued decline in prices. At the beginning of the month, high-grade cobalt was trading between $14–15.5 per pound, but by mid-month, it had dropped to $13.5–15 per pound. Low-grade cobalt also fell, moving from $13.8–15 per pound to $12.9–14.2 per pound. Prices remained volatile throughout the month and currently hover around $10.2–10.5 per pound. The support from raw material costs has gradually weakened, and with summer being a slow season for purchases, the market has been relatively quiet.
The market is expected to remain low-key during July, and availability may be limited in early August. A chart illustrating the price movement of cobalt can be seen below:
Domestically, the cobalt market generally follows international trends, but it has shown slightly stronger resilience. This week, prices dropped by 2,000 yuan per ton. Zambian cobalt is currently priced around 199–200 yuan per kilogram. The domestic market has not fallen as quickly due to the strong price advantage of imported cobalt.
The cobalt salt market has experienced some easing, with an average drop of about 1,000 yuan per ton. Although overseas cobalt mines are facing supply constraints, smelters have been reluctant to adjust prices. However, the overall market downturn and weak external conditions have led to a downward trend in cobalt salt prices.
In terms of oxides, the glass-ceramic industry continues to face challenges. Anti-dumping measures from the EU and ongoing real estate regulations have kept the sector sluggish, resulting in weak demand for upstream materials and low trading volumes.
The sesquioxide market is heavily influenced by the lithium battery season. The third quarter is typically a slow period for lithium batteries, leading to lower operating rates at material and battery plants. This makes it more difficult to retain customers, and the consumption rate of tricobalt tetroxide is expected to decrease. The turnover of cobalt trioxide has been around 172 yuan per kg, down by 1,000 yuan per ton from the previous week. Despite this, cobalt trioxide remains a key product in the cobalt industry, with consistent market demand.
In summary, the cobalt market is expected to experience a short-term correction. However, if the supply situation in the surrounding regions remains tight, it could provide support once procurement activities resume.
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