Last week, the cobalt industry as a whole continued to trend weak, with market prices across all product categories generally moving lower. The cobalt salt market remained soft, as cobalt sulfate and cobalt chloride prices declined day by day. Cobalt intermediate prices continued to fall, and the MHP cobalt payables dropped further, weakening cost support. Downstream ternary precursor and Co3O4 producers maintained only need-based procurement. Selling sentiment in the smelting segment loosened somewhat. Electrolytic cobalt rebounded briefly early in the week before falling back, and major smelters lowered ex-works prices. Downstream buyers maintained just-in-time purchasing, proactive restocking was insufficient, social inventory remained high, and overseas supply continued to flow in, leaving supply relatively ample. Co3O4 extended its weak downward trend. Downstream lithium cobalt oxide producers showed low purchasing willingness, focusing mainly on long-term agreements.