[SMM Analysis] Cobalt Chloride: Market Sluggish with Prices in the Doldrums, Downside Limited by Cost Support

After the holiday, the cobalt chloride market atmosphere cooled further, with widespread feedback of scarce inquiries. Supply side, some top-tier enterprises saw significant declines in shipments recently, with liquidity under pressure and offers slightly loosened; meanwhile, small and medium-sized producers had already lowered offers earlier due to capital recovery and shipment pressure, and have gradually stabilized recently, with very limited downside room for further price cuts. Demand side, downstream Co3O4 enterprises, affected by weak demand, faced considerable shipment pressure themselves, with weak purchase willingness for cobalt chloride; in contrast, cathode material and battery cell segments showed restocking willingness recently as inventory was continuously depleted. Overall, the market still lacked clear momentum for a price breakthrough. Although occasional low-price transactions occurred, they were constrained by enterprise performance pressure, capital conditions, and shipment volumes, making it difficult to significantly impact the overall market. Current downside room for prices was limited, with raw material costs providing strong bottom support. The cobalt chloride market is expected to remain stable in the near term, with substantive changes potentially not arriving until mid-to-late May.