[SMM Analysis] Weak Demand for Co3O4 Makes Prices Difficult to Rise or Fall

This week, the Co3O4 market maintained a stable trend, with overall activity remaining weak. Quotes from top-tier enterprises were still firm at around 370,000 yuan/mt, supported strongly on the cost side by tight inventory of cobalt intermediate products. However, demand was even more mediocre WoW, as the procurement pace of downstream LCO material plants slowed down further, with most purchases limited to small-scale restocking based on orders on hand, leading to slight declines in both market inquiries and transaction activity. Amid the ongoing tug-of-war between firm sellers and cautious buyers, the market was still expected to remain stable in the short term, with limited room for price fluctuations.