The Co3O4 market continued to stabilize at highs this week, with enterprise quotation ranges at 340,000–360,000 yuan/mt, most transactions settling stably at 340,000–350,000 yuan/mt, and some deals above 350,000 yuan/mt. The price firmness was mainly driven by two factors: first, upstream cobalt raw material supply continues to be affected by policies in the DRC, and market expectations of supply contraction persist, providing strong support on the cost side; second, end-use consumer electronics demand remained steady, maintaining stable procurement releases for Co3O4. Currently, both buyers and sellers remain cautious, with enterprises largely executing long-term contracts, and spot cargo circulation is limited. Prices are expected to remain largely stable next week, with relatively small probability of significant fluctuations.
