Co3O4: Strengthened Cost Transmission Boosts Bullish Expectations

Co3O4 enterprises generally suspended offers this week in line with raw material suppliers, with price movements heavily dependent on upstream products such as cobalt chloride. As cobalt chloride transactions reached 77,000-80,000 yuan/mt, cost-driven upward momentum for Co3O4 strengthened significantly. However, both upstream and downstream enterprises adopted a more cautious approach, intensifying the wait-and-see sentiment in the market. Against the backdrop of policy implementation in the DRC, cost-side support continued to strengthen, yet actual transactions remained sluggish. It is anticipated that Co3O4 prices may exceed 255,000 yuan/mt before the holiday, but a significant increase in transaction volume still depends on downstream acceptance.