On November 26, the price of electrolytic cobalt declined Yuan 500/t to Yuan 399,000-415,000/tonne from the previous trading day. In addition, the prices of cobalt sulfate and cobalt chloride were still flat at Yuan 86,000-93,000/tonne and 103,000-110,000/tonne respectively. Recently, downstream demand has been relatively subdued, primarily due to persistently high prices of cobalt raw materials. Cobalt salt smelters were also hard to lower their prices, leading to elevated quotations for cobalt sulfate. Meanwhile, most downstream players have maintained short-term inventories and are only purchasing selectively at lower prices. As a result, cobalt salt producers are facing pressure in selling their products, with both buyers and sellers locked in a stalemate. The underlying logic of tight raw material supply remains unchanged, and cobalt sulfate still retains long-term upward potential, though it is expected to stabilize in the near term.