On February 24, the price of electrolytic cobalt moved up Yuan 5,623/tonne to Yuan 430,245-432,045/tonne from the previous trading day. In addition, the prices of cobalt sulfate and cobalt chloride continued to remain stable at Yuan 95,500/t-98,500/t and 115,000-119,000/t respectively. Supported by strong raw material costs, major smelters of cobalt sulfate had a clear intention to maintain prices, and the comprehensive market price for new stocks remained around Yuan 96,000/tonne. The downstream ternary precursor industry has entered its traditional off-season, with procurement limited to essential needs. Additionally, both upstream and downstream market players have entered a holiday period due to the Chinese New Year holiday, resulting in more market inquiries but fewer actual transactions.