Last week, the cobalt feedstock market overall continued its weak trend, with market prices across all segments moving further down. The MHP cobalt payables continued to decline, continuously weakening cost support for cobalt salts and electrolytic cobalt, and smelters showed a clear inclination to press prices. Recycled material supply continued to ramp up, with its share in the feedstock mix rising further, substituting for primary cobalt, intensifying competition on the feedstock side, and further weighing on cobalt intermediate prices. In the cobalt intermediate market, buyers and sellers generally stayed on the sidelines, with actual transactions extremely limited. Miners' willingness to sell decreased, with some cargoes temporarily stored in bonded warehouses, while smelters delayed procurement as much as possible, waiting for prices to bottom out further.