Price Divergence of Co3O4 Is Significant, Inventory Consumption Fuels Bullish Expectations

This week, Co3O4 transaction prices ranged between 210,000-220,000 yuan/mt, with significant divergence in market quotations. Some companies achieved transactions at 220,000 yuan/mt, while others closed deals slightly above 210,000 yuan/mt. Since August, LCO production increased notably, and a slight rise is expected in September, driving sustained Co3O4 demand growth. In terms of supply, overall industry inventory levels continued to decline, with some firms already facing tight stockpiles, and suppliers' reluctance to sell became more pronounced. Co3O4 prices are projected to rise further next week, potentially exceeding 220,000 yuan/mt.