Last week, the spot price of cobalt intermediates maintained a strong trajectory. With inventories outside the Democratic Republic of Congo (DRC) remaining tight, miners and traders held back stocks and were reluctant to sell, keeping offers firm at the high level of $25 per pound. However, smelters adopted a cautious purchasing approach due to high prices of downstream finished products, largely replenishing supplies only to meet rigid demand. This resulted in subdued actual market trading activity, with the price of cobalt intermediates remaining elevated but the growth rate moderating. Although the subsequent concentrated arrival of quotas may restrain further price increases, miners' strong willingness to control shipment schedules is likely to provide some support for cobalt intermediates prices.