Cobalt prices rose for two consecutive weeks in June

According to data monitoring from Business Society, domestic cobalt prices have fluctuated and declined in the past 23 years, with an overall downward trend of a ladder. Stimulated by the news of national storage, cobalt prices experienced a brief rebound from late February to early March. As the storage ended, cobalt prices quickly fell and rebounded from the bottom in early June, with cobalt prices rising for two consecutive weeks in June. As of June 19th, the cobalt price was 271600 yuan/ton, an increase of 6.30% compared to June 3rd, when the cobalt price was 255500 yuan/ton. The domestic cobalt price has been rising for two consecutive weeks, will the cobalt market continue to peak.

Rising sales of new energy vehicles

According to data released by the China Automobile Association, in May, China’s production and sales of new energy vehicles completed 713000 and 717000 units respectively, with a market share of 30.1%. According to the data of the Passenger Association, in May, the wholesale sales of new energy passenger vehicles in China reached 673000, the wholesale penetration rate of Alternative fuel vehicle manufacturers in China was 33.7%, and the retail penetration rate of Alternative fuel vehicle in China was 33.3%. In May, China exported 92000 new energy passenger vehicles, accounting for 30.5% of passenger vehicle exports. The world’s automobile industry will further develop towards electrification, and new energy vehicles will become the mainstream. The market share of new energy vehicles in the export volume of new energy vehicles exceeds 30%. The concentration trend of the new energy vehicle industry is obvious, and the new energy vehicle industry has entered a rapid development zone. The demand for cobalt in the market is stable.

Overview and outlook

Bai Jiaxin, a data analyst at Business Society, believes that new energy vehicles are still in a stable growth range, but sales of 3C products such as smartphones have declined; The demand growth in the cobalt market is difficult to exceed expectations, and the continuous upward momentum of cobalt prices is insufficient. The slight decline in cobalt prices on June 19th is a manifestation of the lack of momentum for the continuous upward trend of cobalt prices. Overall, the rebound in demand is difficult to exceed expectations, and the relative balance between supply and demand in the cobalt market is temporarily stable. It is expected that cobalt prices will fluctuate and consolidate in the future.