Last week, the price of cobalt intermediates remained stable at elevated levels, with only a few traders hoarding supplies and quoting higher prices. The mainstream market quotations were around $24$24.5 per pound, while a few offers exceeded $25/lb. Converted into costs for cobalt salts, these prices were higher than the current average market rates, putting pressure on smelters' production margins. Consequently, transactions for cobalt intermediates were scarce in recent days. Additionally, as of now, no cobalt export approvals have been completed, meaning supply shortages are expected to persist through December and this trend is projected to continue until around March 2026. In response, holders of cobalt intermediates are primarily testing the market with small-scale price hikes, and some producers facing tight raw material supplies may resort to procurement.