CITIC Securities: Suggest paying close attention to the investment opportunities brought about by the rise in cobalt prices.

date
26/07/2025
According to a report by CITIC Securities, based on customs data, the import volume of intermediate products for cobalt wet smelting in June was 18,990.5 tons, a decrease of 61.63% from the previous month and a decrease of 43.14% year-on-year. The cumulative import volume was 267,277.43 tons, a cumulative year-on-year decrease of 11.10%. Since the export ban from Congo, from January to May, due to the impact of port inventory and materials in transit, China's import volume did not decrease significantly, maintaining a certain level of inventory in the market. However, after extending the export ban for another 3 months, inventory levels are expected to be significantly reduced, with a sharp decrease in import volume in June and a continuation of the downward trend in July. It is anticipated that the inventory of smelting enterprises will decrease to a lower level in August and September, combined with expectations of stocking up during the traditional strong season of September and October, the market will move towards strong reality of low raw material inventory, and prices may receive significant support and continue to rise. It is recommended to actively pay attention to investment opportunities brought about by the increase in cobalt prices.