Core Viewpoint - The report from CITIC Securities suggests actively monitoring investment opportunities arising from the increase in cobalt prices due to significant changes in import volumes and market dynamics [1] Import Data Analysis - In June, the import volume of cobalt wet-process intermediate products was 18,990.5 tons, representing a month-on-month decrease of 61.63% and a year-on-year decrease of 43.14% [1] - The cumulative import total reached 267,277.43 tons, with a year-on-year decline of 11.10% [1] Market Dynamics - Following the export ban from the Democratic Republic of Congo, the import volume did not significantly decline from January to May due to port inventories and in-transit materials, maintaining a certain level of market inventory [1] - The extension of the export ban for an additional three months is expected to significantly reduce inventory levels, leading to a sharp decline in June's import volume [1] Future Price Expectations - It is anticipated that the import trend will continue to decline in July, with the inventory of refining enterprises likely to decrease to lower levels in August and September [1] - Coupled with the seasonal stocking expectations during the "Golden September and Silver October" period, the market is expected to transition towards a scenario of low raw material inventory, which may provide significant support for price increases [1]