SMM

In November, China's Co3O4 production increased both YoY and MoM. The slight increase in November's production was mainly due to the sustained demand for LCO, driving continuous procurement of Co3O4. Top-tier Co3O4 enterprises maintained high operating rates, with a slight increase in production schedules. However, it is expected that in December, due to the anticipated mediocre demand for LCO, the willingness of enterprises to build inventory is not evident, and Co3O4 production is expected to decline both YoY and MoM.