SMM

In October, China's Co3O4 production saw a slight increase both MoM and YoY. The main reasons for the production increase in October were: a slight recovery in downstream LCO demand, leading Co3O4 smelters maintaining a high operating rate, and the resumption of production by companies that had previously undergone maintenance. Therefore, the market demand for Co3O4 still existed, driving a slight increase in the production schedule of Co3O4 companies. However, it is expected that in November, due to the downstream LCO demand becoming mediocre, the purchase willingness for Co3O4 will weaken, and thus Co3O4 production is expected to decline MoM, with a very limited YoY increase.