Co3O4: Operation Concluded Smoothly, Raw Material Tightness Emerging

The Co3O4 market operated steadily, with top-tier enterprises maintaining their quotations at 370,000 yuan/mt. Transaction levels continued to exhibit differentiation by voltage grade: high-voltage products traded in the range of 365,000 to 370,000 yuan/mt, while low-voltage products traded between 360,000 and 365,000 yuan/mt. Supply side, although top-tier integrated enterprises ensured stable production, cobalt intermediate products raw material inventory remained tight, and the proportion of externally purchased and recycled raw materials continued to increase. Demand side, the market maintained the characteristics of "stable long-term contracts and scarce spot orders," with downstream players primarily executing long-term contracts, and new spot demand remained muted. Starting mid-week, the market gradually entered a holiday period, and transactions further weakened. Prices are expected to hold steady at highs before the holiday.