The market prices of electrolytic cobalt surged Yuan 8,000/t to Yuan 228,000-259,000/t yesterday as futures price rebounded upward due to news of raw material shortages among manufacturers, driving spot prices higher. However, market activity remained subdued. Overall, overseas raw material prices stabilized at high levels in the European market, providing relatively firm cost support. While, the domestic supply was sufficient, but some smelters reduced production due to the shortage of cobalt intermediates and the inverted price relationship between cobalt salts and electrolytic cobalt. It is likely that electrolytic cobalt price may fluctuate narrowly in the short term.