Monthly Cobalt Market Report Nov 2025

Contents

2.1 1 Market Highlights 2
3. Economy and Policy 2
3.1 Guangxi boosts nonferrous and critical metals industry 2
3.2 3 Market Movements 2
3.1 Market Movements in China 2
3.1.1 CIF China prices for cobalt intermediate 30-40% 2
3.1.Asian Metal Copyright3 Chinese cobalt metal producers' sales volume in November 2025 down by 0.Asian Metal Copyright2 Delivered prices for cobalt metal 99.8%min 2
3.1.Asian Metal Copyright6.Asian Metal Copyright3 Delivered prices for cobalt powder 99.5%min 2
3.1.4 Delivered prices for cobalt carbonate 46%min 2
3.1.Asian Metal Copyright1.Asian Metal Copyright5 Delivered prices for cobalt sulfate 20.5%min 3
3.1.6 Delivered prices for cobalt chloride 24%min 3
3.1.Asian Metal Copyright6.Asian Metal Copyright7 Delivered prices for cobalt tetroxide 73.5%min 3
3.1.8 Delivered prices for cobalt oxide 72%min 3
3.1.9 Delivered prices for NCM precursor 523 3
3.1.10 Delivered prices for NCM precursor 613 3
3.1.11 Delivered prices for NCM precursor 8312 4
3.1.12 Delivered prices for LCO Co 60%min 4
3.1.13 Delivered prices for LNCMO 523 4
3.1.14 Delivered prices for LNCMO 613 4
3.1.15 Delivered prices for LNCMO 8312 4
3.2 Intentional Market Movements 4
3.2.Asian Metal Copyright3 Chinese cobalt metal producers' sales volume in November 2025 down by 0.Asian Metal Copyright1 Cobalt metal 99.8%min prices in warehouse Rotterdam 4
3.2.Asian Metal Copyright12 Delivered prices for LCO Co 60%min 4 3.Asian Metal Copyright3 Cobalt metal 99.8%min prices in warehouse Baltimore 5
4. Company News 5
3.3 5. Producers Metrics 5
5.1 Cobalt metal 5
5.1.Asian Metal Copyright3 Chinese NCM precursor producers' sales volume in November 2025 up by 3.Asian Metal Copyright1 Chinese cobalt metal producers' operating rate in November 2025 down by 8.68% MoM 5
5.1.Asian Metal Copyright15 Delivered prices for LNCMO 8312 4 3.Asian Metal Copyright2 China's cobalt metal output in November 2025 down by 8.7% MoM 5
5.1.Asian Metal Copyright7 Delivered prices for cobalt tetroxide 73.Asian Metal Copyright3 Chinese cobalt metal producers' inventory in November 2025 down by 56.21% MoM 5
5.1.Asian Metal Copyright8 Delivered prices for cobalt oxide 72%min 3 3.Asian Metal Copyright3 Chinese cobalt metal producers' sales volume in November 2025 down by 0.56% MoM 6
5.2 Cobalt powder 6
5.2.1 Chinese cobalt powder producers' operating rate in November 2025 down by 1% MoM 6
5.2.2 China's cobalt powder output in November 2025 edged down by 1% MoM 6
5.2.Asian Metal Copyright43% MOM 12 3.Asian Metal Copyright3 Chinese cobalt powder producers' inventories in November 2025 increased by 7.2% MoM 6
5.2.Asian Metal Copyright1 Cobalt metal 5 5.Asian Metal Copyright4 Chinese cobalt powder producers' sales volume in November 2025 increased by 7.2% MoM 7
5.3 Cobalt sulfate 7
5.3.Asian Metal Copyright6.Asian Metal Copyright1 Chinese cobalt sulfate producers' operating rate in November 2025 up by 15.4% MoM 7
5.3.Asian Metal Copyright1.Asian Metal Copyright2 China's cobalt sulfate output in November 2025 up by 0.46% MoM 7
5.3.Asian Metal Copyright56% MoM 6 5.Asian Metal Copyright3 Chinese cobalt sulfate producers' inventories in November 2025 down by 14.5% MoM 8
5.3.Asian Metal Copyright4.Asian Metal Copyright3 Chinese cobalt sulfate producers' sales volume in November 2025 down by 24.95% MoM 8
5.4 Cobalt chloride 8
5.4.Asian Metal Copyright3 Chinese cobalt powder producers' inventories in November 2025 increased by 7.Asian Metal Copyright1 Chinese cobalt chloride producers' operating rate in November 2025 move down by 22.75% MoM 8
5.4.Asian Metal Copyright4 Delivered prices for cobalt carbonate 46%min 2 3.Asian Metal Copyright2 China's cobalt chloride output in November 2025 decreased by 8.42% MoM 9
5.4.Asian Metal Copyright8%min prices in warehouse Baltimore 5 4.Asian Metal Copyright3 Chinese cobalt chloride producers' stocks in November 2025 up by 22.96% MoM 9
5.4.Asian Metal Copyright4 Chinese cobalt powder producers' sales volume in November 2025 increased by 7.Asian Metal Copyright3 Chinese cobalt chloride producers' sales volume in November 2025 down by 0.39% MoM 9
5.5 Cobalt tetroxide 10
5.5.Asian Metal Copyright5%min 3 3.Asian Metal Copyright1 Chinese cobalt tetroxide producers' operating rate in November 2025 up by 10.5% MoM 10
5.5.Asian Metal Copyright5% MoM 8 5.Asian Metal Copyright2 China's cobalt tetroxide output in November 2025 down by 2.68% MoM 10
5.5.3 Chinese cobalt tetroxide producers' stocks in November 2025 up by 125% MoM 10
5.5.Asian Metal Copyright3 Delivered prices for cobalt powder 99.Asian Metal Copyright3 Chinese cobalt tetroxide producers' sales volume in November 2025 down by 29.9% MoM 11
5.6 NCM precursor 11
5.6.Asian Metal Copyright3 Chinese cobalt metal producers' inventory in November 2025 down by 56.Asian Metal Copyright1 Chinese NCM precursor producers' operating rate in November 2025 up by 7.79% MoM 11
5.6.Asian Metal Copyright2.Asian Metal Copyright2 China's NCM precursor output in November 2025 up by 7.8% MoM 11
5.6.Asian Metal Copyright68% MoM 10 5.Asian Metal Copyright3 Chinese NCM precursor producers' stocks in November 2025 down by 3.74% MOM 12
5.6.Asian Metal Copyright1 Chinese cobalt metal producers' operating rate in November 2025 down by 8.Asian Metal Copyright3 Chinese NCM precursor producers' sales volume in November 2025 up by 3.43% MOM 12
3.4 6. Customs Statistics 12
6.1 China's unwrought cobalt import volume declined 67.49% MoM in Oct 2025 12
6.2 China's cobalt intermediate products import volume fell 83.74% YoY in Oct 2025 13


.Asian Metal Copyright74% MOM 12 5Asian Metal Copyright