On November 20, the price of electrolytic cobalt surged Yuan 4,000/t to Yuan 400,000-415,000/tonne from the previous trading day. However, the prices of cobalt sulfate and cobalt chloride still remained stable at Yuan 86,000-93,000/tonne and 103,000-110,000/tonne respectively. Recently, the downstream demand for cobalt sulfate was muted and smelters had much pressure on the shipments. However, smelters were also unable to lower their prices due to high cobalt raw material prices, leading to a tug-of-war between buyers and sellers. In this condition, downstream purchases were driven mainly by essential needs. Against the backdrop of gradually tightening raw material supply, cobalt sulfate still retains long-term upward momentum.