Co3O4: Strengthened Cost Support Pushes Up Prices, Sluggish Trading Restrains Market Activity

This week, Co3O4 enterprises generally suspended quotations, with their price trends heavily reliant on changes in raw material costs such as cobalt chloride. As transaction prices for cobalt chloride continued to climb, cost support for Co3O4 further strengthened, but upstream enterprises adopted a more cautious approach, resulting in a strong wait-and-see atmosphere across the market. Under the impact of the formal implementation of the DRC's export policy, cost support continued to intensify; however, actual transactions remained sluggish. In the short term, Co3O4 prices are expected to rise to around 350,000 yuan/mt.