Cobalt prices have fallen from their high levels this week
According to data monitoring from Business Society, as of July 14th, the cobalt price was 304100 yuan/ton, an increase of 0.93% compared to July 7th, when the cobalt price was 301300 yuan/ton; The cobalt price decreased by 0.49% compared to 305600 yuan/ton on July 11th. Downstream demand support still exists, and the news of the landing of collection and storage cannot be confirmed. The supply and demand in the cobalt market are relatively balanced, and the support for the continuous rise of cobalt prices is limited. This week, domestic cobalt prices have retreated from their high levels.
Rising sales of new energy vehicles
According to data released by the China Automobile Association, in June, China’s production and sales of new energy vehicles completed 784000 and 806000 units respectively, with year-on-year growth of 32.8% and 35.2%, and a market share of 30.7%. The sales of new energy vehicles have significantly increased, and the demand for cobalt in the market has increased. Downstream customers still have purchasing enthusiasm, and traders have a strong willingness to negotiate.
International cobalt price rise slows down
From the trend chart of MB cobalt prices, it can be seen that in July, MB cobalt prices fluctuated and rose, but the rise in cobalt prices slowed down. In July, the international market entered the summer break stage, and there was a large demand for electrolytic cobalt replenishment in the international market. The rise in international cobalt prices slowed down, and the upward momentum of domestic cobalt prices weakened.
Overview and outlook
Bai Jiaxin, a data analyst of Business Society, believes that new energy vehicles are growing steadily, the demand for cobalt is growing, and in terms of supply, the United States House of Representatives has proposed a bill to develop a U.S. national strategy to ensure the Supply chain security of Congo’s cobalt minerals, or affect domestic cobalt raw material supply. The news of cobalt storage has stimulated the rise of cobalt prices, but the implementation of cobalt storage has not been confirmed yet, providing limited support for the continued rise of cobalt prices. Overall, the rebound in demand is difficult to exceed expectations, and the supply and demand in the cobalt market are relatively balanced. The support for the rise in cobalt prices is limited, and it is expected that cobalt prices will fluctuate and consolidate strongly in the future.
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