GreenergyDaily

Jul. 8, 2025

China's Zhejiang Huayou Cobalt Co. Ltd’s share prices surged to a near four-month high, after the company projected record half-year earnings, driven by the ramp-up of its nickel projects in Indonesia and a boost from rising cobalt prices.

The major battery materials supplier will report net income for January through June of between 2.6 billion yuan ($360 million) and 2.8 billion yuan, according to preliminary earnings posted on Monday. At the low end, that’s a 56% jump from a year earlier.

Huayou’s shares in Shanghai rose as much as 5.8% to 39.5 yuan in early trading on Tuesday.

The company flagged strong output at its two nickel-cobalt projects in Indonesia, with production topping planned capacity at Huafei, and remaining stable at Huayue. Costs have fallen and the company has also reduced reliance on third-party raw materials.

A recovery in the cobalt market has also helped. Global prices have jumped since February, when top supplier Democratic Republic of Congo imposed an export ban on the commodity. Nickel on the London Metal Exchange, meanwhile, hit the lowest since 2020 earlier this year.