Cobalt prices have fluctuated and fallen this week
According to the Commodity Cobalt Market Analysis System of Shengyi Society, the cobalt price on February 6th was 417400 yuan/ton, which fluctuated and fell by 6.16% compared to the cobalt price of 444800 yuan/ton on February 1st; Compared to January 1st, the cobalt price of 462100 yuan/ton fluctuated and fell by 9.67%. The recovery of cobalt exports in the Democratic Republic of Congo has led to an increase in supply expectations in the cobalt market. In January, sales of new energy vehicles declined, resulting in a decrease in demand in the cobalt market and a decrease in demand for supply recovery. As a result, cobalt prices fluctuated and fell.
Supply situation of cobalt market
Tengkefeng Gulumei Mining, a subsidiary of China Molybdenum Corporation (CMOC), the world’s second-largest cobalt producer, has officially launched its first shipment sampling under the new export quota system. With the continuous promotion of cobalt exports from the Democratic Republic of Congo, it is expected that cobalt supply will resume in the future. Huayou Cobalt, Greenmei and other Indonesian projects are steadily releasing production capacity. Indonesia plans to impose a 1.5% -2% royalty tax on associated cobalt in July 2026, which will increase the cost of cobalt mines in the long term and stimulate cobalt mining and exports in the short term. Short term growth in cobalt market supply.
Cobalt market demand trend
Affected by the off-season of the Spring Festival holiday market, last year’s high base, and policy changes, the overall sales of new energy vehicles have significantly declined compared to the previous month. In January 2026, the Chinese new energy vehicle market showed characteristics of a total decline, a general decline compared to the previous month, and a year-on-year differentiation. Wholesale sales were about 800000 vehicles, a year-on-year decline of over 15% and a month on month decline of about 40%. The sales of new energy vehicles have declined, leading to a decrease in demand for cobalt in the market.
Market Overview and Future Outlook
According to data analysts from Shengyi Society, cobalt prices in February continued their downward trend from January with a slight decline. The production and sales of new energy vehicles have significantly declined, and the demand for cobalt in the market has declined. The expected growth of the cobalt market in the future is not good, coupled with the expected recovery of cobalt supply in the Democratic Republic of Congo and the growth of cobalt supply in Indonesia. Before the Chinese New Year, the cobalt market showed a trend of increasing supply and decreasing demand, and cobalt prices were weakly consolidating before the Spring Festival. With the resumption of production after the holiday, cobalt prices are expected to fluctuate and rise. In April, cobalt prices in the Democratic Republic of Congo fell after it was concentrated in Hong Kong.
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