Last week, cobalt intermediates prices continued their strong upward trajectory, with the market price approaching USD $25.5 per pound. Holders remain inclined to withhold stocks and are reluctant to sell, keeping offers firm. Smelters are facing significant cost pressures, leading to subdued trading activity recently. In addition, the first batch of cobalt intermediates produced by designated pilot enterprises completed export shipment. They are expected to be loaded onto vessels in early February, with the quota volume set to arrive in concentrated batches around April. This development is anticipated to alleviate market concerns over raw material tightness and weaken upward price momentum. However, as miners maintain a strong intention to control the pace of shipments, cobalt intermediates prices are likely to retain a certain level of support.