[Analysis] Co3O4 Demand Drives Production Growth in November 2025, Market Supply Tightens

In November, domestic Co3O4 production showed steady growth, with monthly output up 9% MoM and a significant 29% YoY increase, continuing to expand in scale. In terms of raw material composition, cobalt chloride was the main raw material for Co3O4 production, accounting for 85%; cobalt sulphate accounted for 15%, with the raw material structure remaining relatively stable. The core driver of the slight production increase was robust demand from the downstream cathode material industry, directly boosting market demand for Co3O4. During November, the overall Co3O4 market supply tightened, with market liquidity at low levels, and the supply-demand pattern moving towards a tight balance.

Looking ahead to December, demand from the downstream cathode material industry is expected to remain high, continuing to release rigid procurement demand for Co3O4. Supported by this, Co3O4 production is anticipated to maintain a high level, with monthly output projected to decrease only slightly by 2% MoM, and industry sentiment is expected to continue improving.