Spot price of Co3O4 fell sharply this week [SMM Weekly Review of Co3O4 Market]

This week, the price of Co3O4 fell sharply. Supply side, despite relatively stable quotes from smelters, their willingness to sell increased, and the phenomenon of holding back from selling significantly decreased. Demand side, downstream LCO producers held differing views on the market outlook, with strong wait-and-see sentiment, and only made necessary purchases to meet daily production needs. Affected by the decline in LCO prices, it was common for producers to bargain down purchasing prices for raw materials, and there was little willingness to stockpile. Against the backdrop of overall market weakness, there were individual instances of transactions at low prices. It is expected that the peak in Co3O4 purchasing has not yet arrived for next week, and spot prices will continue to fall.

SMM New Energy Industry Research Department

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lv Yanlin 021-20707875

Zhou Zhicheng 021-51666711

Zhang Haohan 021-51666752

Wang Zihan 021-51666914

Wang Jie 021-51595902

Xu Yang 021-51666760

Chen Bolin 021-51666836

Yang Le 021-51595898