Co3O4: Supported by Both Costs and Demand, Prices Maintain Stability

This week, the Co3O4 market remained stable at high levels, with enterprise quotation ranges at 340,000–360,000 yuan/mt, and actual transaction prices holding steady at 340,000–350,000 yuan/mt. The core logic supporting firm prices remained unchanged: cost side, cobalt raw material supply continued to face contraction expectations due to DRC supply policies, providing solid cost support; demand side, end-use consumption in consumer electronics remained stable, sustaining steady Co3O4 procurement. Market participants operated cautiously, with enterprises mainly relying on long-term contracts, leading to limited spot cargo circulation. Prices are expected to maintain stability next week, with low probability of fluctuations.