[SMM Analysis] Co3O4: Subdued Trading, Clear Cost Support

The Co3O4 market operated steadily this week, with overall trading activity remaining subdued. Top-tier enterprises slightly lowered their quoted prices, but the periodic tight supply of cobalt intermediate products and persistently firm cobalt chloride prices provided effective cost support for prices. Downstream LCO material enterprises continued their purchasing as needed strategy, mostly restocking in small quantities based on orders on hand, with market inquiry activity remaining at a moderate level. Looking ahead, end-use demand performance remains the key variable determining cathode material procurement intensity. Given that market expectations for May are generally optimistic, attention should be paid to whether demand recovery can break the prolonged stable pattern and bring about periodic changes.