Domestic cobalt prices are rising
According to the cobalt market analysis system of Business Society, the cobalt price on May 16th was 215900 yuan/ton, an increase of 2.42% compared to the cobalt price on May 14th, which was 210800 yuan/ton; The price of cobalt fluctuated and increased by 2.18% compared to May 9th at 211300 yuan/ton. Stimulated by storage news, cost support still exists, demand rebounds, and cobalt prices rebound and rise.
Demand support recovery
The Ministry of Industry and Information Technology, the National Development and Reform Commission, the Ministry of Agriculture and Rural Affairs, the Ministry of Commerce, and the National Energy Administration jointly organized the 2024 New Energy Vehicles Going to the Countryside Campaign. From May to December 2024, support policies such as exchanging old cars for new ones and filling gaps in county-level charging and swapping facilities will be implemented to directly reach consumers with “real gold and silver” discounts. The sales of new energy vehicles are expected to increase, and the demand for cobalt in the market is expected to rise. In addition, the news of storage and recovery has stimulated confidence in the cobalt market, leading to a rebound in cobalt prices.
The price of MB cobalt is weak and stabilizing
According to the trend chart of MB cobalt prices, it can be seen that in May, the price of MB cobalt weakened and stabilized, with standard grade cobalt prices slightly falling and alloy grade cobalt rising first and then falling. The decline in international cobalt prices has slowed down.
Overview and Outlook
According to data analysts from Business Society, cost support is limited, and the news of collection and storage is stimulating. In addition, the domestic demand for new energy vehicles going to rural areas has rebounded in the domestic cobalt market. Positive demand stimulates expectations for an increase in cobalt prices in the future.
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