On July 1, the market price of electrolytic cobalt surged Yuan 5,032/tonne to Yuan 381,309-385,091/tonne. Moreover, the market prices of cobalt sulfate continued to be flat at Yuan 86,000/t-87,000/t and 102,000-104,000/t respectively.On July 1, the cobalt market exhibited a notable "thin market" characteristic, quoted prices were available but actual transactions remained scarce, and the supply-demand imbalance was pronounced. On the supply side, the concentrated arrival of previously backlogged cobalt intermediates at ports brought a short-term increase in supply, which was compounded by the continued release of domestic recycled cobalt and the liquidation of inventories by enterprises at month-end to raise funds.On the demand side, downstream buyers only maintained a few purchases for essential needs, with few bulk fixed-price orders placed. Actual transaction prices generally converged near the lower end of the negotiation range.