Cobalt Industry Annual Report 2025

Contents

1. Overview of cobalt 4
1.1 Definition 4
1.2 Type 4
1.3 Distribution 4
1.4 Application 5
2. Economy and Policy 5
2.1 China releases 2025 Catalogue of Goods Subject to Export License Administration 5
2.2 China's foreign trade up 5% YoY in 2024 5
2.3 China sees major progress in latest round of mineral exploration 5
2.4 China's Q1 foreign trade hits all-time high 6
2.5 Congo may impose more cobalt curbs after four-month export ban 6
2.6 China's trade with Africa hits new high in Jan-May 6
2.7 Congo extends cobalt export ban by three months 6
2.8 China discovers 38 new mineral deposits in H1 2025 6
2.9 Hunan issues guidelines to boost industrial resource utilization 6
2.10 China's foreign trade grows for eight consecutive quarters 7
2.11 China-U.Asian Metal Copyright1.Asian Metal CopyrightS. trade talks in Kuala Lumpur deliver positive results 7
2.12 Guangxi boosts nonferrous and critical metals industry 7
2.13 Guangxi unveils strategic five-year plan to boost mineral exploration 7
3. Market Movements 8
3.1 Market Movements in China 8
3.1.2 Cobalt intermediate 20-30% CIF China 8
3.1.Asian Metal Copyright4 China's Q1 foreign trade hits all-time high 6 2.Asian Metal Copyright3 Cobalt metal 99.8%min Delivered China 8
3.1.Asian Metal Copyright3.Asian Metal Copyright4 Cobalt powder 99.5%min Delivered China 9
3.1.5 Cobalt carbonate 46%min Delivered China 10
3.1.Asian Metal Copyright5%min 32 7.Asian Metal Copyright6 Cobalt sulfate 20.5%min Delivered China 11
3.1.7 Cobalt chloride 24%min Delivered China 12
3.1.Asian Metal Copyright5%min Delivered China 11 3.Asian Metal Copyright8 Cobalt tetroxide 73.5%min Delivered China 13
3.1.9 Cobalt oxide 72%min Delivered China 13
3.1.8 LCO Co 60%min Delivered D/A 180 days 14
3.1.9 LNCMO 523/622/613 Delivered D/A 180 days 15
3.2 Market Movements Abroad 16
3.2.Asian Metal Copyright1.Asian Metal Copyright1 Cobalt metal 99.8%min in warehouse Rotterdam 16
3.2.2 Cobalt oxide 72%min in warehouse Rotterdam 17
3.2.Asian Metal Copyright1.Asian Metal Copyright3 Cobalt metal 99.8%min in warehouse Baltimore 18
4. Company News 19
4.1 GEM to increase NCM precursor production capacity in Indonesia 19
4.2 GEM and ECOPRO push ahead with cathode material project in Indonesia 19
4.3 CMOC's annual copper, cobalt and niobium output hits new high 19
4.4 CMOC provides 2025 production guidance 19
4.5 Zhuhai Kelixin increases output of cobalt tetroxide 19
4.6 Tengyuan Cobalt plans JV for copper-cobalt smelter in DRC 19
4.7 Tengyuan Cobalt reports stronger annual copper and cobalt production and sales 19
4.8 CMOC delivers strong first-quarter performance 19
4.9 Easpring Finland breaks ground on cathode material plant 20
4.10 CMOC reports higher H1 copper and cobalt production 20
4.11 Huayou Cobalt sets new record with H1 revenue boost 20
4.12 CMOC's H1 mining revenue hits record high 20
4.13 Zijin Mining posts steady H1 growth in mined production 20
4.14 MGL accelerates cathode material capacity expansion 20
4.15 GEM to expand investment in Indonesia precursor project 21
4.16 Huayou Cobalt signs major lithium battery materials supply contracts 21
4.17 CMOC's Q3 copper and cobalt output beats targets 21
4.18 GEM signs battery materials supply agreement with XTC New Energy 21
4.19 GEM again breaks records in nickel and cobalt self-supply 21
4.20 GEM streamlines operations to focus on key metal resource recycling 21
4.21 GEM streamlines operations to focus on key metal resource recycling 22
4.22 Chengdu Bamo inks long-term ternary materials supply deal with EVE Energy 22
4.23 Meihua New Materials (Hubei) increases cobalt sulfate output 22
4.24 Kelixin (zhuhai) New Energy cuts cobalt tetroxide production 22
4.25 Huayou Cobalt signs long-term ternary precursor supply deal 22
5. Producers Statistics 22
5.1 Cobalt metal 22
5.1.1 Production capacity 22
5.1.2 Operating rate 23
5.1.3 Output 23
5.1.4 Stocks 23
5.2 Cobalt powder 24
5.2.1 Production capacity 24
5.2.2 Operating rate 24
5.2.3 Output 24
5.2.4 Stocks 25
5.3 Cobalt sulfate 25
5.3.1 Production capacity 25
5.3.2 Operating rate 26
5.3.3 Output 26
5.3.4 Stocks 27
5.4 Cobalt chloride 27
5.5.1 Production capacity 27
5.5.2 Operating rate 27
5.5.3 Output 28
5.5.4 Stocks 28
5.5 Cobalt tetroxide 29
5.5.1 Production capacity 29
5.5.2 Operating rate 29
5.5.3 Output 30
5.5.4 Stocks 30
6. Customs Statistics 30
6.1 China's cobalt intermediate imports down by 50.54%YOY in 2025 30
6.2 China's cobalt metal imports up by 167.66% YOY in 2025 31
6.3 China's cobalt tetroxide exports down by 19.0% YOY in 2025 31
7. Outlook for 2025 31
7.1 Cobalt metal 99.8%min 31
7.2 Cobalt powder 99.5%min 31
7.3 Cobalt carbonate 45%min 32
7.4 Cobalt sulfate 20.5%min 32
7.5 Cobalt chloride 24%min 32
7.6 Cobalt tetroxide 73.5%min 32
7.7 Cobalt oxide 72%min 32
7.8 Cobalt intermediate 20-30% 32


.Asian Metal Copyright8%min in warehouse Baltimore 18 4Asian Metal Copyright