Cobalt chloride: Trading was sluggish before the holiday, with prices moving sideways at high levels.

The cobalt chloride market continued its sluggish pattern this week, with trading activity showing no significant change WoW. Mainstream quotations from smelters and recycling enterprises remained above 115,000 yuan/mt, although some companies offered slightly lower prices to recoup funds before the Chinese New Year. Despite rush production demand from terminal battery cell manufacturers due to changes in export policies, actual purchase willingness in the market was generally weak, as most enterprises had ample raw material stockpiling from earlier periods and cobalt chloride prices remained high. With the approaching Chinese New Year and the imminent suspension of logistics, the market is expected to maintain an overall quiet tone with nominal prices but thin trading before the holiday.

SMM New Energy Research Team

Wang Cong 021-51666838

Ma Rui 021-51595780

Feng Disheng 021-51666714

Lü Yanlin 021-20707875

Zhou Zhicheng 021-51666711