Co3O4: Supply-Demand Structure Diverges, Prices Hold Steady at Highs

The Co3O4 market operated steadily overall this week, with top-tier enterprises maintaining their offers at 370,000 yuan/mt. Transactions showed significant divergence by voltage grade: high-voltage products traded in the range of 365,000–370,000 yuan/mt, while low-voltage products settled between 360,000–365,000 yuan/mt. On the supply side, although top-tier integrated enterprises could ensure stable supply of Co3O4, their inventory of cobalt intermediate product raw materials had tightened, and the proportion of externally purchased cobalt salt continued to rise. On the demand side, the market was characterized by "stable long-term contracts and scarce spot orders." Downstream demand provided some support, but new market purchases were limited. Prices were expected to hold steady at highs ahead of the Chinese New Year.