Last week, the spot price of cobalt intermediates remained stable with some upward movement, up by 0.55% compared to the previous week, supported by strong bottom-level demand. Currently, there is still no new progress in the approval of cobalt export permits from the Democratic Republic of Congo (DRC). It is expected that until March 2026, the market will primarily rely on digesting existing inventory. On the supply side, sellers are holding back supplies to maintain prices, with mainstream quotations around $24/lb, while some higher quotes have already exceeded $25/lb. Additionally, considering that the rainy season in the DRC lasts from November 2025 to May 2026, continuous heavy rainfall is likely to cause floods and mudslides. There is a need to remain vigilant about potential disruptions to land transport, which could further delay the concentrated arrival of cobalt raw materials at domestic ports.