钴市场周报（2025.2.17 - 2.21）

基础金属	铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁
稀有金属	稀土稀土矿稀土氧化物稀土金属钕铁硼稀散金属锑铋铟锗镓硒钽锆贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒
新能源	锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

基础金属

铜电解铜铜精矿铜管铜棒废铜铜排铜合金精铜杆再生铜杆铜板带铝铝土矿氧化铝电解铝铝辅料铝棒铝合金锭废铝铝杆铝型材铝板卷铅铅精矿铅锭铅蓄电池再生精铅还原铅废铅蓄电池铅合金锌锌精矿电解锌锌合金氧化锌锌粉锡锡精矿锡锭锡材镁

稀有金属

稀土稀土矿稀土氧化物稀土金属钕铁硼 稀散金属锑铋铟锗镓硒钽锆 贵金属白银钨钨精矿 APT(仲钨酸铵)钨粉碳化钨钨酸钠钨条钨铁钨材钼钼精矿工业氧化钼钼铁钼化工高纯三氧化钼钼金属钛钛精矿钛渣四氯化钛海绵钛钛金属钛白粉硒

新能源

锂锂矿锂化合物金属锂镍镍矿镍铁精炼镍镍盐高冰镍 MHP 钴电解钴钴粉氯化钴四氧化三钴硫酸钴钴中间品氧化钴碳酸钴钴酸锂锰锰矿电解锰电池级硫酸锰 锂电正负极三元前驱体磷酸铁正极材料石油焦针状焦包覆沥青人造石墨硅碳负极硅氧负极硅

钴市场周报（2025.2.17 - 2.21）

2025-02-22 20:45:35 来源：北方有色网责任编辑：管理员

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一、价格走势分析

1、钴原料及金属价格

国际钴价。欧洲标准级钴报价稳定在9.5-10.4美元/磅，合金级钴报价为12.5-14美元/磅，成交以小批量为主，市场整体活跃度偏低。

国内电解钴。现货价格区间为15.0-17.5万元/吨，周均价环比下跌0.61%，需求端未见显著增量，贸易商压价意愿较强，市场观望情绪浓厚。

钴盐。硫酸钴主流成交价约26000元/吨，氯化钴约31500元/吨，部分中小冶炼厂因亏损选择捂货，但仍有企业因资金压力低价抛售，供需矛盾突出。

价差表现。电解钴与硫酸钴逆价差扩大至31,732元/金属吨，硫酸钴与四氧化三钴价差维持23,204元/吨，反映下游需求疲软导致产业链各环节价格传导不畅。

2、细分市场表现

钴氧化物。四氧化三钴报价暂稳，冶炼厂以执行前期长单为主，新单成交稀少，成本支撑与需求疲软持续博弈。

钴酸锂。价格保持稳定，但原料成本支撑减弱，下游电池厂按需采购，市场缺乏明确上涨动力29。

二、供需格局与行业动态

1、供应端

产能调整。腾远钴业、华友钴业等企业因钴价低迷及技术路线不确定性，选择延期扩产项目，以规避产能过剩风险。

印尼镍钴项目。华友钴业与青山集团的HPAL项目产能释放，硫酸钴供应同比增加15%，加剧市场竞争。

回收产业链。全球二次钴供应占比升至12%，格林美等企业推动回收效率提升，但短期内对市场冲击有限。

2、需求端

动力电池。三元材料（NCM/NCA）需求增速放缓至8%（2024年为15%），磷酸铁锂（LFP）市占率提升至65%，进一步削弱钴需求。

消费电子。智能手机及PC出货量同比持平，钴酸锂需求维持低位，仅储能领域需求同比增长20%（基数较小）。

3、政策与企业动向

欧盟政策。《关键原材料法案》生效，要求2030年10%的钴来自本土回收，长期利好欧洲回收产业。

中国企业动态。华友钴业控股股东增持0.79%股份，显示企业对长期资源布局的信心；宁德时代与非洲矿企签订长协，锁定钴供应。

三、后市展望

钴价或延续弱势震荡，下游节后补库需求有限，电解钴价格区间预计为15.5-17.5万元/吨，硫酸钴价格或进一步下探至25000元/吨。

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钴市场周报（2025.2.17 - 2.21）

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