Yesterday, the cobalt chloride and cobalt sulfate markets continued the weak downward trend that has prevailed since October, with price levels moving further down from last Friday and spot trading generally thin. The release of terminal demand from downstream batteries, cemented carbides, magnetic materials, and other sectors fell short of expectations. Buyers generally remained on the sidelines, and bargaining power in the market clearly shifted toward buyers. Some smelters even suspended making quotations because of difficulties in concluding transactions. The share of ternary batteries in power batteries continued to be eroded (installations in September fell 10.9% year on year), while global smartphone shipments in the 3C consumer electronics sector fell by approximately 20% YoY in the third quarter. Downstream lithium cobalt oxide producers mainly drew down their own inventories, and expectations for concentrated post-holiday restocking failed to materialize.