Monthly Cobalt Market Report Dec 2025

Contents

2.1 1 Market Highlights 3
3. Economy and Policy 3
3.1 3 Market Movements 3
3.1 Market Movements in China 3
3.1.1 CIF China prices for cobalt intermediate 30-40% 3
3.1.Asian Metal Copyright3 Cobalt sulfate 8 5.Asian Metal Copyright2 Delivered prices for cobalt metal 99.8%min 3
3.1.Asian Metal Copyright3 Chinese cobalt powder producers' inventories in December 2025 increased by 5.Asian Metal Copyright3 Delivered prices for cobalt powder 99.5%min 3
3.1.4 Delivered prices for cobalt carbonate 46%min 3
3.1.Asian Metal Copyright5%min 3 3.Asian Metal Copyright5 Delivered prices for cobalt sulfate 20.5%min 3
3.1.6 Delivered prices for cobalt chloride 24%min 4
3.1.Asian Metal Copyright45% MoM 10 5.Asian Metal Copyright7 Delivered prices for cobalt tetroxide 73.5%min 4
3.1.8 Delivered prices for cobalt oxide 72%min 4
3.1.9 Delivered prices for NCM precursor 523 4
3.1.10 Delivered prices for NCM precursor 613 4
3.1.11 Delivered prices for NCM precursor 8312 4
3.1.12 Delivered prices for LCO Co 60%min 5
3.1.13 Delivered prices for LNCMO 523 5
3.1.14 Delivered prices for LNCMO 613 5
3.1.15 Delivered prices for LNCMO 8312 5
3.2 Intentional Market Movements 5
3.2.Asian Metal Copyright1 CIF China prices for cobalt intermediate 30-40% 3 3.Asian Metal Copyright1 Cobalt metal 99.8%min prices in warehouse Rotterdam 5
3.2.Asian Metal Copyright2.Asian Metal Copyright3 Cobalt metal 99.8%min prices in warehouse Baltimore 5
4. Company News 6
5. Producers Metrics 6
5.1 Cobalt metal 6
5.1.Asian Metal Copyright1.Asian Metal Copyright1 Chinese cobalt metal producers' operating rate in December 2025 down by 47.66% MoM 6
5.1.Asian Metal Copyright6.Asian Metal Copyright2 China's cobalt metal output in December 2025 down by 47.62% MoM 6
5.1.Asian Metal Copyright1.Asian Metal Copyright3 Chinese cobalt metal producers' inventory in December 2025 up by 73.68% MoM 6
5.2 Cobalt powder 7
5.2.Asian Metal Copyright10 Delivered prices for NCM precursor 613 4 3.Asian Metal Copyright1 Chinese cobalt powder producers' operating rate in December 2025 down by 1.16% MoM 7
5.2.Asian Metal Copyright Company News 6 5.Asian Metal Copyright2 China's cobalt powder output in December 2025 edged down by 1.16% MoM 7
5.2.Asian Metal Copyright8 Delivered prices for cobalt oxide 72%min 4 3.Asian Metal Copyright3 Chinese cobalt powder producers' inventories in December 2025 increased by 5.2% MoM 7
5.2.Asian Metal Copyright9 Delivered prices for NCM precursor 523 4 3.Asian Metal Copyright4 Chinese cobalt powder producers' sales volume in December 2025 decreased by 0.2% MoM 8
5.3 Cobalt sulfate 8
5.3.Asian Metal Copyright5%min 3 3.Asian Metal Copyright1 Chinese cobalt sulfate producers' operating rate in December 2025 up by 13.4% MoM 8
5.3.Asian Metal Copyright13 Delivered prices for LNCMO 523 5 3.Asian Metal Copyright2 China's cobalt sulfate output in December 2025 up by 14.3% MoM 8
5.3.Asian Metal Copyright2 China's cobalt chloride output in December 2025 increased by 1.Asian Metal Copyright3 Chinese cobalt sulfate producers' inventories in December 2025 down by 4.83% MoM 9
5.3.Asian Metal Copyright4% MoM 8 5.Asian Metal Copyright3 Chinese cobalt sulfate producers' sales volume in December 2025 up by 28.96% MoM 9
5.4 Cobalt chloride 9
5.4.Asian Metal Copyright3 Chinese NCM precursor producers' sales volume in December 2025 down by 1.Asian Metal Copyright1 Chinese cobalt chloride producers' operating rate in December 2025 move up by 1.96% MoM 9
5.4.Asian Metal Copyright5%min 4 3.Asian Metal Copyright2 China's cobalt chloride output in December 2025 increased by 1.96% MoM 10
5.4.Asian Metal Copyright1 Chinese cobalt chloride producers' operating rate in December 2025 move up by 1.Asian Metal Copyright3 Chinese cobalt chloride producers' stocks in December 2025 down by 20.11% MoM 10
5.4.Asian Metal Copyright1.Asian Metal Copyright3 Chinese cobalt chloride producers' sales volume in December 2025 up by 30.45% MoM 10
5.5 Cobalt tetroxide 11
5.5.Asian Metal Copyright1.Asian Metal Copyright1 Chinese cobalt tetroxide producers' operating rate in December 2025 down by 1.04% MoM 11
5.5.Asian Metal Copyright96% MoM 9 5.Asian Metal Copyright2 China's cobalt tetroxide output in December 2025 down by 1.03% MoM 11
5.5.3 Chinese cobalt tetroxide producers' stocks in December 2025 remain stable MoM 11
5.5.Asian Metal Copyright12 Delivered prices for LCO Co 60%min 5 3.Asian Metal Copyright3 Chinese cobalt tetroxide producers' sales volume in December 2025 up by 11.8% MoM 12
5.6 NCM precursor 12
5.6.Asian Metal Copyright16% MoM 7 5.Asian Metal Copyright1 Chinese NCM precursor producers' operating rate in December 2025 down by 1.26% MoM 12
5.6.Asian Metal Copyright3.Asian Metal Copyright2 China's NCM precursor output in December 2025 down by 1.26% MoM 12
5.6.3 Chinese NCM precursor producers' stocks in December 2025 keep stable MOM 13
5.6.Asian Metal Copyright3 Chinese cobalt tetroxide producers' stocks in December 2025 remain stable MoM 11 5.Asian Metal Copyright3 Chinese NCM precursor producers' sales volume in December 2025 down by 1.8% MOM 13
3.2 6. Customs Statistics 13
6.1 China's unwrought cobalt import volume grew 483.12% MoM in Nov 2025 13
6.2 China's cobalt intermediate products import volume decreased 91.71% YoY in Nov 2025 14


.Asian Metal Copyright16% MoM 7 5Asian Metal Copyright