Last week, weakness in the cobalt feedstock market intensified, with low-priced transactions approaching the cost threshold of some miners. In-transit sources from the DRC continued to arrive at ports in concentrated batches, and combined with the ramp-up of MHP capacity in Indonesia, the loose supply situation on the feedstock side deepened further. The share of domestic recycled cobalt scrap in the feedstock mix continued to rise, creating significant substitution pressure on primary cobalt intermediates. Smelters' purchasing appetite dropped to a freezing point, with restocking generally postponed in anticipation of lower prices. The MHP cobalt payables fell below 55%, extending the downward trend since end-September. The supply shock from Indonesian MHP capacity ramp-up and the passive increase in associated cobalt output from high-grade nickel matte shifted the pricing dynamics of the cobalt payables comprehensively in favor of buyers.