Cobalt prices fell sharply in July
On July 22nd, the cobalt price was 355900 yuan/ton, which fluctuated and fell 7.27% compared to the cobalt price of 383800 yuan/ton on July 10th. Starting from mid July, cobalt prices have experienced a significant decline. As the downward trend of cobalt prices slows down, there is obvious pressure on the price side. The domestic cobalt market as a whole presents a pattern of “low-level stalemate and weak stable operation”, but the bottom cost support is gradually strengthening.
Supply side: Cobalt raw materials from the Democratic Republic of Congo are concentrated at the port
According to data from the General Administration of Customs, the import volume of cobalt raw materials in China increased significantly in June 2026. The import volume of intermediate products for cobalt wet smelting was 10960.945 tons, an increase of 324.12% compared to the previous month; The import volume of unprocessed cobalt was 1120.108 tons, an increase of 66.43% month on month and 104.64% year-on-year; The import volume of cobalt trioxide is 2.123 tons. In June, cobalt raw materials from the Democratic Republic of Congo arrived at the port one after another, and the import volume of cobalt increased significantly. From July to August, cobalt raw materials from the Democratic Republic of Congo are expected to be concentrated at the port, increasing the supply of cobalt raw materials and increasing the pressure of cobalt price decline.
In 2025, the supply of recycled cobalt in China will be about 23000 metal tons. By 2026, the supply of recycled cobalt in the first half of the year has reached 21000 metal tons, and it is expected to reach 45000 to 50000 metal tons for the whole year, which can meet 35% of China’s cobalt demand. The significant increase in cobalt recycling has greatly alleviated the supply shortage in the cobalt market.
Market Overview and Future Outlook
According to data analysts from Shengyi Society, the import volume of cobalt raw materials in China increased significantly in June, and cobalt raw materials from the Democratic Republic of Congo gradually arrived at the port. It is expected that cobalt raw materials from the Democratic Republic of Congo will be concentrated at the port in July and August; In addition, the significant increase in cobalt recycling has alleviated the shortage of supply in the cobalt market, resulting in a significant increase in supply and a sharp decline in cobalt prices. With the decline in cobalt prices and the arrival of cobalt raw materials from the Democratic Republic of Congo, downstream companies in the domestic cobalt market may experience a concentrated replenishment of inventory, leading to a brief surge in demand in the cobalt market and stimulating an increase in cobalt prices. Overall, cobalt raw materials from the Democratic Republic of Congo are concentrated in ports, resulting in a temporary oversupply in the cobalt market. However, as downstream companies replenish their inventory and demand in the cobalt market rebounds, cobalt prices may stop falling and rebound.
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