In January 2026, China's electrolytic cobalt output was 370 tonnes, representing a month-on-month decrease of 14.55% and a year-on-year decline of 92.71%. During January, persistently high domestic electrolytic cobalt inventories suppressed upward price momentum, while sustained profit inversion continued. Coupled with tight raw material supply, smelters generally reduced or halted production of electrolytic cobalt, leading to a slight decline in output for the month.
For February 2026, China's electrolytic cobalt output is projected to be approximately 340 tonnes, indicating a month-on-month drop of 8.11% and a year-on-year plunge of 93.67%. In February, issues such as persistently high domestic inventories and ongoing profit inversion are expected to remain challenging, further exacerbated by fewer working days during the month due to Chinese New Year holiday. As a result, overall production is anticipated to continue declining.
Edited by Cassie Li, lixiangying@mysteel.com
