[SMM Analysis] Domestic and Overseas Demand Both Weak; Refined Cobalt Prices Declined Last Week

Refined cobalt prices saw a slight decline during the week. Supply side, the operating rates of major refined cobalt smelters remained stable, and overall spot supply was sufficient. Demand side, overseas demand was sluggish due to the Christmas holiday, while domestic demand weakened near the year-end after some sporadic stockpiling earlier. Overall, the market remained relatively quiet, with limited inquiries and transactions, putting downward pressure on spot prices. Looking ahead, stockpiling demand in the market is expected to have largely ended, and the short-term supply-demand pattern may persist, keeping spot prices weak.