Cobalt intermediate prices were flat, with offers stalled at the average price of USD 25.9 per pound and no tradable transactions reported. From February to March, downstream demand decreased significantly, while transaction prices for cobalt salts and Co3O4 declined, leading to compressed profit margins, which suppressed upward movement in cobalt intermediate prices. In addition, arrivals in April are expected to be less than 2,000 tonnes, primarily under long-term agreements, resulting in low liquidity. Meanwhile, long-term contract holders are unlikely to see price improvements.