Co3O4 Prices Hold Firm at 340,000-350,000 yuan/mt, Dual Support from Raw Material Demand Remains Unbreakable

The Co3O4 market maintained stable high-price operations this week, with the enterprise quotation range holding at 340,000–360,000 yuan/mt and actual transaction prices stabilizing at 340,000–350,000 yuan/mt. The core logic behind the firm prices remained unchanged: cost side, upstream cobalt raw material supply is expected to continue tightening due to the impact of DRC's quota policy, providing solid cost support; demand side, end-use consumption in the consumer electronics sector remained steady, with sustained procurement demand for Co3O4 providing a boost. Market participants on both the buying and selling sides adopted a cautious approach this week, with enterprises focusing mainly on fulfilling long-term contract orders, leading to limited spot market circulation. The stable pattern is expected to persist next week, with a very low probability of significant fluctuations.