Co3O4: Stable Off-Season Demand, Cost-Driven Price Increase

This week, the Co3O4 market exhibited a pattern of passive increases driven by costs. Currently, leading producers have raised their offers to 370,000 yuan/mt, while actual transactions vary by voltage grade: high-voltage products are in the range of 365,000-370,000 yuan/mt, and low-voltage products are between 360,000-365,000 yuan/mt. From the demand side, the traditional consumption off-season in Q1, combined with sufficient downstream stockpiling in the earlier period, has resulted in overall stable market demand. In the short term, Co3O4 prices are expected to mainly follow the fluctuations in upstream cobalt salt prices, showing a trend that is more likely to rise than fall, though the extent of increases will be constrained by demand-side factors.