SMM weekly review and forecast for cobalt salts (tricobalt tetraoxide/Co3O4)

Tricobalt tetraoxide prices increased last week. The main reason is that the price of raw cobalt salts is still rising, and the quotes of Co3O4 enterprises went up along with the price of raw materials. However, there have been few transactions in the Co3O4 spot market recently, and LCO enterprises mostly purchase cobalt salts for OEMs. On the supply side, due to the difficulty of sourcing low-priced raw materials, some Co3O4 enterprises are reluctant to sell out. On the demand side, the downstream high-voltage LCO market has weakened, and LCO enterprises are less willing to stock up. Purchases are made for rigid demand. Under the influence of supply-demand and the price of raw materials, Co3O4 price is expected to rise along with the price of cobalt salts.