[SMM Analysis] Co3O4 Prices Rose Significantly This Week

[SMM Analysis: Significant Increase in Co3O4 Prices This Week] This week, Co3O4 prices rose significantly, with market participants showing a stronger willingness to hold prices. As smelters generally suspended quotations, inventory hoarding and reluctance to sell became increasingly evident, resulting in a market situation where prices exist but transactions are scarce. Affected by this, inquiries from LCO producers increased, and several high-priced spot orders were concluded, driving spot Co3O4 prices higher. Meanwhile, cobalt salt producers also adopted a more cautious selling approach, further raising Co3O4 production costs. Under the dual pressures of tight supply and rising costs, spot Co3O4 prices have significant upward potential. On the demand side, LCO producers have low inventory levels and will need to procure high-priced raw materials for future production. Therefore, Co3O4 prices are expected to continue rising next week.