The Co3O4 market continued to fluctuate upward this week, with the overall market structure remaining stable and positive. Enterprise quotations held firm in the range of 340,000-360,000 yuan/mt, and mainstream transaction prices closely aligned with the quotation range, demonstrating significant price rigidity. Two core factors supported the market's strength: first, the persistent tightness in upstream raw material supply, with prices fluctuating at highs, providing strong cost support; second, steady demand from the end-use consumer electronics sector, maintaining stable procurement volumes for Co3O4. Market participants currently maintain a cautious stance, and spot market circulation resources are relatively limited. Short-term prices are expected to have slight upside room, but overall gains will be limited.
