In December 2025, China's cobalt powder production reached 769 tonnes, marking a month-on-month decrease of 0.13% and a year-on-year decline of 14.93%. The market entered a seasonal demand trough in December, characterized by limited spot order demand and tight raw material supply. Cobalt powder smelters focused primarily on fulfilling long-term agreements, leading to a slight decline in output, though overall fluctuations remained limited.
For January 2026, cobalt powder production is likely to reach 729 tonnes, reflecting a month-on-month drop of 5.20% and a year-on-year decrease of 4.71%. As the month coincides with the pre-Lunar New Year period, downstream sectors are prioritizing inventory digestion and adopting a cautious approach toward procurement. Additionally, with raw material supply becoming increasingly tight, manufacturers have scaled back operating rates, maintaining low-capacity production. Consequently, cobalt powder output is expected to stabilize overall in January.
Edited by Cassie Li, lixiangying@mysteel.com
