Last week, the market for cobalt intermediates continued to exhibit strength. Currently, spot market liquidity remained limited, with miners and traders showing a clear reluctance to sell, keeping mainstream offers firm at around US$25 per pound. Due to the persistent inverted price relationship between raw materials and finished products, smelters only made purchases to meet essential demand, leading to subdued actual market transactions. Although concerns exist about the potential concentrated arrival of future cobalt export quotas, miners have a strong inclination to control shipment volumes and maintain a firm price stance. Coupled with the fact that structural tightness in spot supply is unlikely to change in the short term, cobalt intermediate prices still retain upward momentum.