【SMM Analysis：Profit Margins Remain, Refined Cobalt Production Continues to Increase】

In September, China's refined cobalt production increased 8% MoM and was up 112% YoY. The main reason for the production increase in September was that, although some non-mainstream small factories reduced output, the main brands' refined cobalt plants experienced a capacity ramp-up, resulting in an overall production increase. It is expected that in October, due to the profit margin and fixed orders for refined cobalt, production may continue to increase, with an estimated rise of about 5% MoM.