钴供需格局扭转

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供需格局有望扭转 钴价中枢或继续上移
Shang Hai Zheng Quan Bao· 2025-07-28 18:58
Group 1 - The Democratic Republic of Congo (DRC) has announced a four-month suspension of cobalt exports due to concerns over global market oversupply, which has been extended for an additional three months [1][2] - The suspension is expected to significantly alter the global cobalt supply-demand landscape by 2025, potentially leading to an upward shift in cobalt prices [1][5] - China's imports of cobalt from the DRC have seen a substantial decline, with June imports dropping by 60.8% compared to May, indicating tightening supply [2][3] Group 2 - Companies like Luoyang Molybdenum Co. have stated that the export ban will have limited impact on their operations in the short term, as they have sufficient inventory to manage through the supply disruption [3][5] - The ban is expected to lead to a depletion of existing inventories, which may result in a tighter supply situation for cobalt in the coming months, particularly in August and September [5][6] - Cobalt prices have already shown a significant increase following the DRC's export ban, rising from 166,000 CNY/ton to 250,000 CNY/ton within approximately 20 days, reflecting a 50.6% increase [6]