[SMM Analysis] Co3O4: Cost Support Keeps Prices Firm

After the holiday, the Co3O4 market continued the sluggish trend seen before the holiday. Top-tier enterprises slightly lowered their quoted prices, but the periodically tight supply of cobalt intermediate products and firm cobalt chloride prices provided effective cost support for Co3O4 prices. Downstream LCO material enterprises continued their purchasing as needed strategy, mainly restocking in small quantities based on orders on hand, with market inquiry activity remaining at a neutral level. Looking ahead, end-use demand performance remains the core variable determining the intensity of cathode material procurement. Given that market expectations for May are generally optimistic, attention should be paid to whether a recovery in demand can break the prolonged stable pattern and bring about periodic changes.