[SMM Analysis] Co3O4 Prices Remained Stable This Week

This week, the price of Co3O4 remained largely stable. In terms of supply, smelters operated well. On the demand side, after the holiday, the market generally adopted a wait-and-see attitude, focusing mainly on fulfilling existing orders, with spot demand showing weakness. Overall, as downstream enterprises had completed restocking before the holiday, the market performed relatively steadily this week, with no significant fluctuations in spot prices. Looking ahead to next week, as the price of cobalt salt raw materials continues to decline, the cost support for Co3O4 is expected to gradually weaken, and spot prices may face slight downward pressure.

SMM New Energy Research Team

Cong Wang 021-51666838

Rui Ma 021-51595780

Disheng Feng 021-51666714

Ying Xu 021-51666707

Yanlin Lü 021-20707875

Yujun Liu 021-20707895

Xiaodan Yu 021-20707870

Zhicheng Zhou 021-51666711