[SMM Weekly Review: Refined Cobalt Prices Continued to Decline This Week] Refined cobalt prices saw a slight decline this week. Supply side, the operating rates of major refined cobalt smelters remained stable, and overall spot supply was sufficient. Demand side, the overseas Christmas holiday during the week led to sluggish overseas demand; domestically, there was some sporadic stockpiling earlier, but demand weakened as the year-end approached. Overall, the market remained relatively quiet, with limited inquiries and transactions, putting downward pressure on spot prices. Looking ahead, market stockpiling demand is expected to have largely ended, and the short-term supply-demand pattern may remain unchanged, with spot prices staying weak.