Supply and demand situation is expected to change, and the cobalt price center may continue to rise.

The Congolese government announced on February 24th that, due to concerns about global market oversupply, the country would suspend cobalt exports for four months to regulate supply. On June 21st, the country announced a further extension of the cobalt export ban for three months. As a result, many interviewees suggested that the global cobalt supply and demand balance is expected to change by 2025, with the price of cobalt likely to continue rising. Insiders from listed cobalt companies predict that the market for cobalt materials will face shortages in August to September. The future price of cobalt is expected to continue to rise, with a high probability of reaching over 300,000 yuan per ton. The underlying logic behind the increase is supply-driven. According to data from the General Administration of Customs, in June this year China imported 18,990 tons of cobalt wet process smelting intermediate products from the Congo; in May, the import volume was 48,493 tons; in April, the import volume was 52,752 tons; in March, the import volume was 50,365 tons. It can be seen that China's imports in June decreased by 60.8% compared to May, and decreased by 62.3% compared to March.