Group 1 - The extension of the cobalt export ban in the Democratic Republic of Congo (DRC) has led to significant price volatility, with cobalt prices experiencing a sharp drop of 6,000 yuan to 250,000 yuan per ton on June 24 [1][2] - The DRC's export ban, initially imposed for four months on February 24, has now been extended to seven months, causing a consensus in the industry that this will only result in temporary supply constraints [1][2] - The DRC accounts for 76% of global cobalt production, with a projected output of 220,000 tons in 2024, reflecting a 25% year-on-year increase [2][3] Group 2 - The market is currently experiencing a supply-demand imbalance, with high inventory levels leading to price corrections, as cobalt prices fell to 230,000 yuan per ton due to domestic producers offloading stock [2][4] - The extension of the export ban is expected to create upward pressure on cobalt prices, potentially leading to a supply shortage in the cobalt industry, with predictions of a shift from a surplus of 50,000 tons to a shortage of 78,000 tons by 2025 [3][4] - The upstream sector is showing reluctance to sell, while the downstream sector remains cautious, with cobalt hydroxide imports from the DRC only slightly declining by 6.8% [4][5] Group 3 - The lithium cobalt oxide market is currently stable, with companies adopting a "just-in-time" purchasing strategy due to insufficient demand, despite rising costs [6] - The shift towards lithium iron phosphate batteries is accelerating, with projections indicating that they will account for 72% of installed capacity by 2024, which may limit cobalt demand growth [6] - Companies like Huanray Cobalt and Huayou Cobalt have shown mixed financial performance, with Huanray Cobalt's net profit declining significantly in recent years, while Huayou Cobalt reported a substantial increase in net profit in early 2025 [6]