The current market is in the traditional off-season for demand, with downstream enterprises operating at low utilization rates. Purchasing sentiment is weak, and most are primarily consuming their existing inventories. At the same time, the growth of production and sales in end markets such as ternary batteries and passenger vehicles has slowed, further weakening the demand support for upstream cobalt salts.Despite the lackluster demand, cost factors continue to underpin prices. Some major smelters, due to relatively high production costs, still attempt to maintain cobalt sulfate offers above Yuan 80,000/tonne. However, recycling smelters with cost advantages have taken the lead in reducing prices, with their cobalt sulfate offers dropping to Yuan 76,000-78,000/tonne. Additionally, the cost of producing cobalt sulfate through the re-dissolution of electrolytic cobalt has fallen to Yuan 72,000-73,000/tonne, reinforcing market expectations of further price declines.