Currently, it appears that payables—whether for long-term contracts or spot contracts—are not expected to change significantly before the holiday, remaining largely consistent with January levels.

SMM Cobalt Morning Meeting Summary: On Monday this week, the price of refined cobalt continued to drop slightly. On the supply side, smelters producing refined cobalt maintained long-term contract supplies, with fewer spot order quotations. The ex-factory price remained unchanged due to production costs. Domestic futures prices fell, with traders' quotations and transaction prices following suit. On the demand side, due to the still high social inventory of refined cobalt and weakened downstream demand amid high temperatures, most downstream producers maintained a just-in-time procurement rhythm, with actual transactions remaining sluggish. It is expected that the price of refined cobalt will maintain a fluctuating trend in the short term, and subsequent price movements will require close attention to cost increases and the digestion of social inventory.