Cobalt Daily: The overall cobalt salt market continues its weakening trend, with downstream demand remaining soft

On June 30, the market price of electrolytic cobalt rose Yuan 1,486/tonne to Yuan 376,245-380,091/tonne. In addition, the market prices of cobalt sulfate remained stable at Yuan 86,000/t-87,000/t and 102,000-104,000/t respectively.Yesterday, the overall market for cobalt chloride and cobalt sulfate continued its weakening trend, with downstream demand remaining soft. The overall market sustained its weakening performance, mainly because purchasing demand from downstream producers, such as ternary precursor and lithium cobalt oxide (LCO) manufacturers, remained persistently subdued. Most buyers only made small essential purchases for just-in-time needs.The market displayed a structural divergence, characterized by a situation where raw material prices were firmly supported while processing margins came under pressure, leaving smelters facing considerable cost pressures.