Last week, cobalt sulfate prices continued to decline, driven by a collapse in costs and the impact of low-priced material. Long-term order and contract prices have moved down to around Yuan 48,00050,000/tonne, while a few spot orders have traded at Yuan 43,000/tonne, with buyers' target prices even pressed to Yuan 40,000/tonne and below. Prices of cobalt intermediates and the MHP cobalt payables have continued to fall, causing cost support for cobalt sulfate to collapse. In addition, cobalt contained in battery and alloy scrap is available at lower cost, creating sustained and strong substitution pressure on primary cobalt sulfate. With no improvement in demand, smelters are finding it difficult to sell, and downstream buyers are exerting strong downward pressure on prices. Long-term and spot prices are weakening in tandem, and prices are expected to remain bearish, with no sign of stabilization in the near term.