The loose supply pattern on the cobalt feedstock side remained unchanged last week. Cobalt intermediates continued to trade at low levels, quoted at USD $1113/lb on Friday, further down from USD $13/lb the previous week. In-transit cargoes from the DRC arrived gradually, and port and social inventories accumulated. Smelters showed low acceptance of high-priced feedstock, generally delaying restocking and showing weak willingness to make spot purchases. On the MHP side, Indonesian nickel-cobalt hydrometallurgical (HPAL) capacity continued to ramp up, leaving ample forward spot supply. The MHP standard cobalt payables remained low, smelters maintained a clear price-pressing stance, and transactions were sluggish. Given the profitability of converting cobalt sulfate into electrolytic cobalt, some miners and smelters converted intermediates locally into electrolytic cobalt, and miners continued to seek domestic tolling arrangements for electrolytic cobalt.