Co3O4: Market demand is robust, with transactions primarily conducted through long-term contracts.

This week, the market maintained a robust and slightly strong pattern, with demand remaining relatively robust. Supply side, leading producers' offers held within the range of 360,000-365,000 yuan/mt. As supply prioritized long-term contract orders, spot orders circulating in the market were scarce, further intensifying the atmosphere of tight spot supply. Demand side, cathode material producers' procurement became more rational, focusing mainly on meeting rigid production needs. Due to a slowdown in the growth of new orders, the previously active stockpiling behavior had significantly decreased. Current prices have approached the short-term phase peak that the market can bear, and in the absence of stronger demand drivers, prices are expected to enter a period of stability.