Cobalt prices fell first and then rose this week

According to the data monitoring of business society, the domestic cobalt price fell first and then rose this week, and the overall cobalt market fluctuated and stabilized. As of November 23, the cobalt price was 425500 yuan / ton, a slight decrease of 0.19% compared with the cobalt price of 426300.00 yuan / ton on November 12. Cobalt prices fell first and then rose this week, and the cobalt Market stopped falling and warmed up.

In October, the export of ternary precursors decreased month on month

In October 2021, China’s export volume of ternary precursors was 12767 tons (including NCA), a month on month decrease of 8.8% and a year-on-year increase of 28%. The export volume of ternary precursors in October was lower than that in September, mainly because some of the export volume in October was delivered in September ahead of schedule. At present, the consumption demand of new energy vehicles in Europe and the United States is still rising. In the fourth quarter, the purchase orders of ternary material enterprises in South Korea for precursors increased. It is expected that the export volume of ternary precursors will increase month on month from November to December. The demand for ternary materials continues to rise, the demand for cobalt market rises, and the driving force for the rise of cobalt price increases.

Expected increase in cobalt production

In May, Glencore Co., Ltd. reported that mutada SX-EW mine was restarted and is expected to be put into operation by the end of the year. The project is expected to resume cobalt production of 20000 tons per year. China molybdenum industry Co., Ltd. has begun to plan to increase the production of 17000 T / A in tenke fungurume by 2023. As of July, the expansion project is in the pre commissioning stage, and the mine will increase the global supply by 24000 T / A. The restart and expansion plan of cobalt mine has increased the supply of cobalt city and increased the pressure on the decline of cobalt price.

International cobalt prices rose sharply

According to the LME trend chart, the LME cobalt price rose sharply in November, the international cobalt price rose, which was good for the domestic cobalt market, and the domestic cobalt price was stimulated to rise.

Market Overview

Bai Jiaxin, a data analyst at business news agency, believes that the sharp rise in the international cobalt price has stimulated the rise of the domestic cobalt market. The plan to restart the production increase of cobalt ore has increased the supply of cobalt ore, affected or short-term decline in the cobalt price, short-term decline in the export of domestic ternary materials and short-term decline in the domestic cobalt price; However, in the long run, the demand for ternary materials is still rising, and the driving force for the rise of cobalt price remains. Overall, the supply of cobalt market increases, the demand is strong, and the supply and demand are basically balanced. There is no room for the sharp rise and fall of cobalt price. It is expected that the cobalt price will rise slightly in the future.