On the supply side, the tightness stemming from delayed arrivals of raw materials provided only limited support, which was insufficient to offset the downward pressure. The Co3O4 market remained stagnant, with offers unchanged but no actual transactions concluded. Downstream lithium cobalt oxide producers showed little inquiry activity and exerted significant price pressure. Although raw material costs remained high, producers operated at low utilization rates and focused primarily on long-term agreements. Demand from the consumer electronics sector was weak, inventory digestion was slow, and restocking was widely postponed. In the lithium cobalt oxide market, prices held steady. Inquiry activity from downstream battery cell manufacturers became more active after inventory digestion, but no large-scale transactions were concluded. High costs and compressed profitability at the cell level, combined with weaker-than-expected end-market shipments in the Q2, dampened purchasing appetite.