Last week, the cobalt industry as a whole continued its weak off-season performance, with subdued trading across all product segments and a prevalent wait-and-see attitude among downstream participants.In terms of cobalt salts, the price spread between high- and low-grade cobalt sulfate widened further, while cobalt chloride trading remained nearly at a standstill. Restocking activities were broadly deferred to after August.Electrolytic cobalt saw its market price shift downward. Expectations of concentrated cobalt raw-material arrivals, together with increased recycling supply, alleviated concerns over availability, while demand on the consumption side remained largely rigid, constrained by the summer lull. Co3O4 and lithium cobalt oxide (LCO) traded in a stalemate, as end-user consumer electronics orders have yet to recover, and large-scale restocking has not been initiated.