This week, the mainstream quotations for Co3O4 remained at 215,000-220,000 yuan/mt, with actual transactions concentrated in the 210,000-215,000 yuan/mt range. Prices were generally stable WoW, without significant fluctuations, and market sentiment became more cautious. Since the DRC policy announcement, the main raw materials for Co3O4—cobalt chloride and cobalt sulphate—have shown divergent trends. In response to the relatively high Co3O4 prices, some LCO cathode plants switched to purchasing the lower-priced cobalt sulphate, replenishing their Co3O4 inventory through toll processing, which put some downward pressure on Co3O4 prices. Additionally, the DRC is expected to issue a new export policy on September 21, and the imports of cobalt intermediate products exceeded expectations, further dampening the upward momentum of Co3O4 prices. Overall, it is expected that Co3O4 prices will remain stable in late August.
