The supply side remains abundant, with cobalt intermediate prices continuing to decline and the MHP cobalt payables at a low level, weakening cost support. Cobalt salt smelters have generally suspended public quotations and negotiated on a case-by-case basis, while some companies have reduced production or halted operations due to cost overruns.Procurement intentions in the ternary precursor and 3C consumer electronics sectors remain sluggish. The substitution effect of lithium iron phosphate against ternary batteries continues, with downstream enterprises maintaining a rigid demand purchasing pace and lacking bulk transaction support.The cobalt salt market is currently in a sideways phase with prices stabilizing and weak trading activity, reflecting a wait-and-see stance. The stabilization primarily stems from smelters' reluctance to sell due to cost inversion rather than a rebound in demand.