On November 17, the price of electrolytic cobalt moved down Yuan 2,000/t to Yuan 389,000-415,000/tonne from the previous trading day. In addition, the prices of cobalt sulfate and cobalt chloride remained flat at Yuan 86,000-93,000/tonne and 103,000-110,000/tonne respectively. Recently, market sentiment has cooled somewhat, with relatively subdued downstream demand and limited transactions. However, the price of cobalt intermediates remained high, and the MHP cobalt payable also climbed to a high level of 95%. Supported by robust production costs for cobalt salt raw materials, smelters have not made significant adjustments to their quotations. Downstream buyers continued to prioritize inquiries for older stocks at suitable prices, replenishing inventories based on rigid demand. Against the backdrop of gradually tightening raw material supply, the long-term upward momentum for cobalt sulfate remains intact.