Electrolytic cobalt fluctuated at low levels, with the digestion of shadow inventories and the anticipated arrival of cobalt intermediates from the Democratic Republic of the Congo jointly exerting downward pressure. In addition, some aged stocks suffered from oxidation issues, leading to uneven offers, and traders largely remained on the sidelines. Co3O4 and lithium cobalt oxide (LCO) continued to consolidate weakly, as end-user consumer electronics orders had yet to pick up. Market players primarily focused on fulfilling long-term agreements, with inquiries outnumbering actual orders. Overall, the cobalt industry is currently in a phase of tug-of-war between cost support and weak demand, and is expected to maintain a weak fluctuation pattern in the near term, with market attention directed toward the realization of concentrated downstream restocking signals in mid-to-late August.