Co3O4: Primarily Follows the Rise in Raw Material Prices in the Short Term

The Co3O4 market remained generally stable this week, with top-tier enterprises maintaining their offers at 370,000 yuan/mt. Actual transactions varied depending on voltage grades: high-voltage products traded between 365,000-370,000 yuan/mt, while low-voltage products were in the range of 360,000-365,000 yuan/mt. Demand side, the traditional off-season in Q1 combined with relatively sufficient downstream stocking kept overall market demand stable. In the short term, Co3O4 prices are expected to mainly follow the trend of upstream cobalt salts, presenting a pattern more likely to rise than fall, but with gains constrained by demand.