This week, Co3O4 prices rose significantly, with the market's willingness to hold prices continuing to strengthen. As smelters generally suspended quotations, the phenomenon of inventory hoarding and reluctance to sell became increasingly evident, leading to a market situation where prices exist but no transactions occur. As a result, LCO manufacturers increased inquiries, and several high-priced spot orders were concluded, driving spot prices of Co3O4 to climb steadily. Meanwhile, cobalt salt producers also reinforced their reluctance to sell, further raising the production costs of Co3O4. Under the dual pressures of tight supply and rising costs, Co3O4 spot prices have considerable 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.
