On June 23, the market price of electrolytic cobalt surged Yuan 7,500/tonne to Yuan 376,409-380,182/tonne. Moreover, the market prices of cobalt sulfate and cobalt chloride continued to remain stable at 88,000/t-92,000/t and 109,000-114,000/t respectively.The cobalt market is currently in the traditional off-season for consumption, with the overall pattern characterised by oversupply. On the supply side, arrivals of cobalt intermediates remain ample, and finished-goods inventories at smelters stay at elevated levels. On the demand side, downstream buyers of NCM precursors and cathode materials are cautious in their procurement, primarily conducting essential restocking under long-term contracts, while spot buyers exert strong downward pressure on prices.In terms of market sentiment, upstream and downstream players are locked in a stalemate-smelters, facing cost inversion, have a strong willingness to support prices.