节点：中游（冶炼、中间品）位置：中游情绪：利空参考度：3/10
2026年2月26日国内钴市场强势上扬，现货价格突破44万元/吨整数关口。长江有色金属网数据显示，当日1#钴现货均价报441500元/吨，较前一日大涨5500元，单日涨幅约1.26%，价格区间上探至429000-454000元/吨。
供给端核心逻辑为政策硬约束：主要资源国出口配额从临时干预演变为长期制度，未来两年总配额较以往实际供应量缩减超半数，扭转供应过剩预期；湿法镍伴生钴项目投产进度慢于预期，难补供应缺口；海运周期长致一季度国内原料真空，社会库存持续消耗至极低水平，仅支撑短期刚性需求，加剧现货紧张。
需求侧呈现短期承压、长期强劲特征：短期受春节假期及需求提前透支影响，新能源汽车产销环比回落，动力电池排产调整，钴盐采购阶段性走弱；长期电池领域（动力电池为核心增量）需求稳固，消费电子景气回暖，人形机器人等新兴领域打..
The complete content requires login
You can view the full content after logging in. If you don't have an account, please register first.
This Website publishes publicly available information that SMMNN deems reliable, but makes no warranty as to the accuracy or completeness of such information. The information provided by SMMNN is for reference only and does not constitute investment advice to any entity. Members of the Website shall not replace their own independent judgment with such information.
ℹ️ 该文章尚未执行AI信息类似验证，或未找到有效可访问的类似链接
