Last week, cobalt intermediates saw tight spot supply, sustaining upward price momentum. Currently, the available spot supply in the market was limited, and miners and traders were significantly reluctant to sell, keeping their offers firm at a high level of $25 per pound. However, smelters are exercising caution in their procurement due to the persistent price inversion of finished products, replenishing inventory only based on rigid demand. This has resulted in thin actual market transactions, leading to a situation where cobalt intermediate products are quoted high but lack substantial trading activity. Despite market concerns over the potential concentrated arrival of future import quotas, miners have a strong inclination to control shipment schedules. Coupled with the fact that the structural tightness in spot supply is unlikely to ease before March 2026, cobalt intermediate prices still have upward momentum.