Last week, the cobalt raw material market continued to show overall weakness, with various products moving divergently yet remaining under pressure.The electrolytic cobalt market continued its weak downward trend, with futures prices hitting new lows. Macro sentiment and capital outflows jointly weighed on the market, while downstream alloy, magnetic material, and battery material producers maintained only small-volume need-based restocking. The continued decline in cobalt sulfate prices further undermined the cost-effectiveness of re-dissolving electrolytic cobalt, creating a negative feedback loop. Although delayed arrivals of cobalt intermediates kept available spot supplies relatively tight, this was insufficient to offset the dual headwinds from both macro and industry factors.