[SMM Weekly Review of Refined Cobalt Market: Weakening Trend in Refined Cobalt Spot Price] This week, the spot price of refined cobalt continued to weaken. Supply side, following the decline in the economic efficiency of refined cobalt production, the refined cobalt production this month still slightly decreased. Smelters continued to fulfill long-term contracts, and the spot order market currently still relies on the supply from traders. However, some recent news has stirred market sentiment, pushing down the transaction price of refined cobalt and leading to certain panic selling in the market. This currently appears to be a short-term emotional outburst, with no significant expected deviation in actual supply and demand yet observed. Demand side, downstream producers are currently maintaining a purchasing-as-needed pace, and the purchase situation is relatively stable.