China’s cobalt market moved lower overall during the week, but the decline differed sharply by product. Refined cobalt futures stabilised near 230,000 yuan per metric ton after earlier losses, while cobalt sulphate and cobalt powder continued to fall. The divergence reflected temporary support from supply-related news rather than a clear improvement in demand.
September import data showed China received about 14,000 metric tons of cobalt hydrometallurgical intermediates in physical content, up 78% from August. That meant much of the material went into bonded warehouses rather than immediately entering domestic circulation. Imports for the first nine months remained 80% below the same period a year earlier, while miners held back cargoes and smelters avoided committing to the spot market.
Refined-cobalt producers reduced ex-works prices twice, bringing the latest mainstream level to about 235,000 yuan per ton. Other smelters largely stopped quoting because of losses, and traders maintained discounts of roughly 2,000 to 3,000 yuan for lower-end brands. Buyers continued to purchase only for immediate needs, with no evidence of stronger downstream demand. Reports that some mixed-hydroxide precipitate producers could cut output helped sentiment, but those reports did not change the underlying lack of transactions.
Cobalt sulphate entered a lower pricing range, with mainstream smelter offers falling to just above 43,000 yuan per ton and some cash-strapped traders selling small lots near 40,000 yuan. Mixed-hydroxide precipitate payables held near 54% of the metal price, implying spot production costs of about 45,000 yuan per ton, while recycled-feed payables fell to roughly 60% for lithium-cobalt-oxide black mass and 66% for ternary black mass. That lowered costs for some recyclers to around 40,000 yuan per ton and made that figure a new reference point for negotiations.
Cobalt powder weakened further, with smelter quotes at 290,000 to 310,000 yuan per ton and reported transactions around 285,000 yuan. Some lower offers were discussed but remained unverified. Even with upstream cobalt carbonate prices reportedly near 120,000 yuan, estimated powder production costs remained about 280,000 yuan, limiting the benefit of cheaper feedstock. A possible stabilisation in tungsten-carbide prices offered the only tentative demand support, with some buyers potentially considering small November purchases if that market holds. Neither development resolved the immediate weakness in China’s cobalt demand.