Cobalt prices fell in a volatile manner this week

According to the data monitoring of the business agency, cobalt prices fluctuated and fell this week. As of July 11, the cobalt price was 361200 yuan / ton, down 4.01% from 376300 yuan / ton on July 1 at the beginning of the month. Mobile phone sales fell sharply, cobalt market demand fell, cobalt market fell.

New energy vehicle sales pick up

The data released by the China Automobile Association on the economic operation of the automobile industry in June 2022 showed that in June, China’s production and sales of new energy vehicles were 590000 and 596000 respectively, an increase of 1.3 times year-on-year. From January to June, China’s production and sales of new energy vehicles reached 2.661 million and 2.6 million respectively, an increase of 1.2 times year-on-year. The production and sales of new energy vehicles hit a new high, and the demand of cobalt market rose.

Cobalt supply decreases

According to the latest data from the customs website, China’s total import of cobalt raw materials in May 2022 was 7100 tons of metal tons, down 4% month on month and 1% year on year. From January to may 2022, China’s total import of cobalt raw materials was 38800 tons of metal tons. In the first half of 22, the resumption of production of mutanda was not as fast as expected. Glencore reduced the annual guidance output of 3000 tons under the condition that the Q1 cobalt output increased by 43% year-on-year. In the middle of April, Durban, South Africa, suffered from floods, and the shipment of cobalt raw materials was affected. The shipment was resumed only in the middle of May. The arrival volume of intermediate products fell sharply in May, resulting in a decline in the arrival volume of intermediate products from late May to early June. The supply of cobalt fell, and the supply shortage of cobalt remained.

Market Overview

Baijiaxin, a data analyst at business news agency, believes that the sales of new energy vehicles are rising, the demand of cobalt market is picking up, the supply shortage of cobalt market remains, the downward pressure of cobalt price is weakened, and the upward momentum is increased. Cobalt prices stabilized this week, and the momentum for cobalt prices to rise in the future is large.