On November 21, the price of electrolytic cobalt declined Yuan 2,500/t to Yuan 395,000-415,000/tonne from the previous trading day. In addition, the prices of cobalt sulfate and cobalt chloride still were flat at Yuan 86,000-93,000/tonne and 103,000-110,000/tonne respectively. Last week, downstream demand was relatively subdued, putting pressure on the sales of cobalt salts. However, with cobalt raw material prices remaining at a high level, smelters were also unable to lower their prices. As a result, buyers and sellers were in a tug-of-war, with downstream procurement prioritizing price and restocking only for essential needs. Against the backdrop of gradually tightening raw material supply, the long-term upward momentum for cobalt sulfate remains intact.