Domestic cobalt prices have stopped falling and rebounded this week

According to data monitoring by Business News Agency, as of April 17th, cobalt prices were 273500 yuan/ton, an increase of 0.70% compared to April 10th when cobalt prices stopped falling at 271600 yuan/ton. Exports have surged, and cobalt prices have stopped falling and risen this week.

Lithium battery exports surge

On April 13th, at the press conference on the import and export situation for the first quarter of 2023 by the State Administration of Customs, spokesperson Lv Daliang introduced that in the first quarter, the export of electric vehicles reached 64.75 billion yuan, an increase of 122.3%. At the same time, driven by multiple factors such as strong demand in foreign electric vehicles and energy storage markets, the export of lithium batteries reached 109.79 billion yuan, an increase of 94.3%. The export of electric vehicles and lithium batteries has surged, and the demand for cobalt in the market is expected to increase. The driving force for domestic cobalt price increases.

Overview and outlook

According to Bai Jiaxin, a data analyst at Business Society, the surge in exports has led to an expected increase in demand for cobalt in the market, and the upward momentum of cobalt prices has increased. This week, cobalt prices have stopped falling and rising. In the future, the sustainability of the export growth of lithium batteries and electric vehicles needs to be verified. The expectation of cobalt market demand growth is limited, and the support for cobalt price increases is insufficient. It is expected that cobalt prices will fluctuate and consolidate in the future.