Cobalt intermediates remained flat last week, with offers stalling at USD $25.9 per pound and no traded volumes reported in circulation. As of the end of April, over 90% of the cargoes scheduled for arrival in the fourth quarter had been customs-cleared. In terms of arrival schedules, a large concentration of vessels is expected to arrive in early June. Based on current observations of terminal berth and container berthing conditions, no bulk arrivals are expected in the short term. Downstream end-users are currently exerting downward price pressure, which is being transmitted upstream. However, cobalt intermediates continue to have strong pricing support. Once the concentrated shipments materialize in June, market transaction prices are likely to remain rangebound and stable, with limited downside potential and a low probability of decline. The main source of disturbance stems from pessimistic expectations from the battery cell sector regarding a sharp downturn in cobalt prices.