News and Articles

• Chinese cobalt metal prices fell to about 300,000 yuan per tonne, down from 338,000 yuan in August
• China cobalt metal imports dropped 4 percent month on month to about 1,011 tonnes in August
• Chinese cobalt metal exports jumped 55 percent month on month to about 486 tonnes in August
• Cobalt chloride and cobalt tetroxide trading stalled before the National Day holiday break
• Cobalt salt smelter margins were pushed close to production cost as feedstock support eased

Chinese cobalt markets moved through the second half of September 2026 with a soft tone, as thin spot trading, weak downstream buying, and shifting import and export flows kept the metal under pressure ahead of the National Day holiday. Domestic cobalt metal prices fell to about 300,000 yuan per tonne by the middle of the month, down from around 338,000 yuan per tonne earlier in August, a drop of close to 11 percent that widened the gap between Chinese and international values.

The trade flow picture shifted decisively in August, with the impact carrying into late September. Chinese cobalt metal imports slipped to about 1,011 tonnes in August, down 4 percent from July but still up 134 percent from a year earlier. Russia remained the largest supplier at about 325 tonnes, followed by Indonesia at 321 tonnes and Madagascar at 51 tonnes. Traders said the import window had firmly closed by mid August, with theoretical import losses reaching around 130,000 yuan per tonne. Exports moved sharply in the opposite direction, climbing 55 percent month on month to about 486 tonnes, with the Netherlands taking around 176 tonnes, the United States 130 tonnes, and India 51 tonnes. Theoretical export margins ran near 28,000 yuan per tonne during the month, giving Chinese suppliers a fresh incentive to move material offshore.

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Downstream demand offered little comfort. By September 24, the cobalt chloride and cobalt tetroxide markets were described as effectively stalled, with most business stuck at inquiry and offer stage rather than confirmed sales. Cobalt chloride prices fell more sharply than tetroxide during the week, widening the spread between the two salts, though traders cautioned that the move reflected the absence of confirmed deals rather than any real demand recovery. Smelter margins on cobalt chloride were pushed close to production cost as feedstock support loosened.

The battery precursor and consumer electronics story stayed disappointing. Newly launched smartphones, including a fresh wave of foldable models, posted strong first sale volumes, but converters said this activity would not lift near term purchases of cobalt tetroxide or cobalt chloride given existing inventory levels along the supply chain. Many Chinese cobalt plants were preparing to suspend or scale back operations for the National Day break, with October output expected to fall as restart and commissioning schedules stretch through the first week of the new month.

For procurement teams in battery, magnet, superalloy, and specialty chemical segments, the near term action is to secure October and November coverage before post holiday production restart risks tighten availability. Battery precursor buyers should keep contract volumes on rolling terms and watch the Chinese cobalt sulphate and cobalt chloride spread closely, since a widening gap will point to shifting cathode chemistry preferences. Traders and offtake buyers in Europe and North America should track Chinese export flows carefully, since sustained outbound cargoes at current margins could keep landed cobalt metal offers soft into the fourth quarter.