[SMM Analysis] Co3O4: Cost Support Persists, Market Mainly Holds Prices in Wait-and-See Mode

The Co3O4 market continued its stable operating tone this week, with overall activity remaining subdued. Top-tier enterprises maintained their offers at elevated levels near 370,000 yuan/mt, and the ongoing phase of tight cobalt intermediate product inventory continued to provide effective cost-side floor support for prices. Downstream LCO material producers maintained a procurement pace driven by actual needs, mostly arranging small-batch restocking operations based on orders on hand, while market inquiry activity remained at a relatively high level. Looking ahead, end-use demand performance will become the core variable determining the procurement intensity on the cathode material side. Against the backdrop of overall weak demand, the Co3O4 market is expected to remain primarily focused on stable pricing in the short term, with all parties maintaining a wait-and-see stance.