Co3O4: Raw Material Support Remains

The Co3O4 market started the week on a stable note, with top-tier enterprises maintaining their offers at a high level of 370,000 yuan per mt, demonstrating strong confidence in holding prices firm. No transactions were observed in the market so far. Supply side, the tight inventory of cobalt intermediate products as raw materials remained unresolved, and smelters relied on externally purchased cobalt salt and recycled materials to sustain production, keeping cost support robust. Demand side, performance was relatively mediocre, as downstream cathode material enterprises mainly consumed their pre-holiday stockpiling. Market activity is expected to improve significantly in March, with prices likely to rise further.