China's December Co3O4 production was 6,291 mt, down 5% MoM but up 26% YoY. The decrease is due to early demand fulfillment, with manufacturers clearing existing orders and few new orders coming in. Cobalt salt prices fell, reducing cost support and pushing Co3O4 prices down. This ongoing decline didn't boost sales, resulting in lower scheduled production at smelters.
January's low cobalt price is expected to boost market buying sentiment and, with pre-holiday restocking, Co3O4 orders will also impove, increasing smelter scheduled production. The forecasted output is 7,217 mt, up 15% MoM and 103% YoY.
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