[SMM Analysis] Co3O4: Tight Inventory Provided Cost Support, While Demand Awaited Clarity and Prices Remained Stable Amid a Wait-and-See Sentiment

This week, the Co3O4 market maintained a stable operating trend, with overall activity still relatively subdued. Quotations from top-tier enterprises remained at a high level of around 370,000 yuan/mt, while the ongoing phase of tight inventory of cobalt intermediate products continued to provide effective support for prices from the cost side. On the downstream LCO material plant side, the procurement pace still mainly followed immediate needs, with small-volume restocking mostly arranged based on orders on hand. Market inquiry sentiment edged up slightly from the previous week, but the overall improvement remained limited. Looking ahead, the release pace of end-use demand will be the core variable determining procurement intensity on the cathode material side. With demand still clearly weak, the Co3O4 market was still expected to remain mainly stable in the short term, and market participants maintained a wait-and-see stance.