Co3O4: Strong Market Conditions Persist

The Co3O4 market continued to fluctuate upward this week, with the overall market structure remaining stable and positive. Enterprise quotations held firm in the range of 340,000-360,000 yuan/mt, and mainstream transaction prices closely aligned with the quotation range, demonstrating significant price rigidity. Two core factors supported the market's strength: first, the persistent tightness in upstream raw material supply, with prices fluctuating at highs, providing strong cost support; second, steady demand from the end-use consumer electronics sector, maintaining stable procurement volumes for Co3O4. Market participants currently maintain a cautious stance, and spot market circulation resources are relatively limited. Short-term prices are expected to have slight upside room, but overall gains will be limited.