Co3O4: Supply-Demand Balance Holds Steady, Prices Hold Steady at Highs

The overall Co3O4 market operated steadily, with top-tier enterprises maintaining their offers at 370,000 yuan/mt. Market transactions showed significant divergence by product voltage grade: high-voltage products traded in the range of 365,000–370,000 yuan/mt, while low-voltage product prices settled between 360,000–365,000 yuan/mt. On the supply side, although top-tier integrated enterprises ensured stable product supply, their cobalt intermediate product raw material inventory had become tight, and the proportion of externally purchased cobalt salt continued to rise. On the demand side, the market exhibited the characteristic of "stable long-term contracts and scarce spot orders," with downstream procurement primarily focused on fulfilling long-term contracts, and limited new spot demand. Prices are expected to remain largely stable and hold steady at highs before the Chinese New Year.