Last week, cobalt intermediate prices remained flat, with offers stalled at USD $25.9 per pound and no tradable transactions reported. A significant demand-side reduction was observed from February to March, coupled with declining transaction prices for cobalt salts and Co3O4, which led to squeezed profit margins and capped further upside for cobalt intermediate prices. For April, expected arrivals are less than 2,000 tonnes, primarily under long-term agreements, resulting in low market liquidity. Meanwhile, producers with long-term contracts faced limited room for price increases.