Cobalt Chloride: Clear Bottom Support, Awaiting June Window

The cobalt chloride market atmosphere remained mediocre this week. Supply side, top-tier players continued their strategy of holding prices firm, refusing to ship at low prices, providing bottom support for prices; meanwhile, small and medium-sized producers, under pressure from capital recovery and performance targets, proactively lowered their quotes, yet transactions remained sluggish even after price cuts, driving the market negotiation center to continue shifting downward. Demand side, downstream enterprises were constrained by weak orders and high inventory levels, with purchase willingness remaining subdued. We believe current prices already have strong support, with limited room for further weakness, and maintain optimistic expectations for the market outlook. Cost side, prices are expected to recover and rebound going forward, but upside room is constrained, with the period roughly falling around June.