[SMM Analysis] Co3O4: Cost Support Persists, Producers Hold Prices and Wait

The Co3O4 market operated steadily this week, with overall trading activity remaining subdued. Top-tier enterprises slightly lowered their quoted prices, but the current phase of tight supply of cobalt intermediate products provided effective cost support for prices. Downstream LCO material enterprises continued to purchase as needed, mostly restocking in small quantities based on orders on hand, with market inquiry activity staying at a moderate level. Looking ahead, end-use demand performance remains the key variable determining the purchasing intensity of cathode materials. Against the backdrop of overall weak demand, the Co3O4 market is expected to remain in a wait-and-see mode with stable prices in the short term, with all parties operating cautiously.