Core Viewpoint - The cobalt market is experiencing price fluctuations and a slow increase in demand, influenced by regulatory changes in the Democratic Republic of Congo (DRC) and supply chain adjustments [1][4]. Price Summary - Domestic cobalt prices range from 445,000 to 466,000 yuan per ton, with a stable average price of 455,000 yuan per ton [1][4]. - Specific price points include: - 1 Cobalt in Guangdong: 445,000-465,000 yuan, average 455,000 yuan, no change [1][4]. - 1 Cobalt in Shanghai: 456,000-466,000 yuan, average 461,000 yuan, down 9,500 yuan [1][4]. - Electrolytic Cobalt (99.8%) in Shanghai: 453,000-463,000 yuan, average 458,000 yuan, up 2,000 yuan [1][4]. - Cobalt (250kg/99.95% from domestic/Zambia): 458,000-465,000 yuan, average 461,500 yuan, down 4,500 yuan [1][4]. - Cobalt powder (-200 mesh, domestic): 500,000-520,000 yuan, average 510,000 yuan, up 2,500 yuan [1][4]. - Electrolytic Cobalt in Shanghai: 463,000-460,000 yuan, average 460,000 yuan, down 3,000 yuan [1][4]. Market Dynamics - The cobalt market is stabilizing with a gradual increase in production and sales of ternary batteries [1][4]. - The DRC government has introduced an export quota system, halting operations at Huayou Cobalt's core copper-cobalt mining project, and requiring exporters to prepay 10% of mining rights fees [1][4]. - Cobalt exports from the DRC are recovering slowly, with expectations for formal exports to commence in late January [1][4]. - Supply shortages are easing, but overall cobalt supply remains tight, with rising costs anticipated [1][4]. - New production capacity in Indonesia and cobalt recycling efforts are expected to partially alleviate supply shortages [1][4]. - Prices for cobalt salts and lithium cobalt oxide are rising, which is favorable for the cobalt market [1][4]. - International cobalt prices are stabilizing, which may positively influence the domestic market, although downward pressures still exist [1][4].