Cobalt Prices Remain High YoY Despite Downward Trend

Cobalt prices remained high year-over-year in H1 2026, despite a downward consolidation trend within the year. The SMM average price of refined cobalt fell from 457,000 yuan/mt to 379,500 yuan/mt between January and June, but declined further to 305,000 yuan/mt by September 3. This was due in part to low prices in the same period last year.

Among Chinese companies, CMOC's cobalt production grew 6.93% YoY, while external sales were down 87.60% YoY. Tengyuan Cobalt posted a notable increase in copper product revenue and a gross margin of 33.77%. Hanrui Cobalt's net profit attributable to shareholders declined 22.50% YoY, but non-GAAP net profit grew 44.56%.

Glencore reported a decline in self-produced cobalt production due to export quota restrictions, while Sherritt was affected by operational disruptions at its Cuban and Canadian mines. Huayou Cobalt's ternary cathode material shipments grew 93% YoY, and the company introduced new high-voltage products into leading supply chains.

The industry chain reported tight primary raw material supply in H1, but growth in recycled cobalt salt supply put prices under pressure.