【SMM Analysis：Bulk transactions were limited, and the prices of cobalt intermediate products slightly declined during the week.】

This week, cobalt intermediate product prices slightly decreased. Supply side, port spot cargoes were sufficient, ensuring raw material supply. Demand side, due to high cobalt-related costs, downstream only maintained essential purchasing. Overall market situation, with year-end long-term contracts about to be signed, mines maintained a strong pricing stance, but some traders or cobalt smelters, considering cash flow, sold at low prices, leading to a decrease in overall spot prices. It was expected that in the future, due to relatively low raw material prices, low-priced sources would gradually decrease, and short-term spot prices might remain stable.