Cobalt prices fluctuated and fell in January
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According to the cobalt market analysis system of Business Society, on January 31st, the cobalt price was 217600 yuan/ton, a decrease of 1.49% compared to the cobalt price of 220900 yuan/ton on January 1st; On February 5th, the cobalt price was 217500 yuan/ton, which was weak and stable compared to January 31st. In January, cobalt prices continued to decline, but as the year-end approached, cobalt prices weakened and stabilized in February.
MB Cobalt Price Stabilizes
From the trend chart of MB cobalt price, it can be seen that since January, the price of MB cobalt has remained relatively stable, with alloy grade cobalt prices consolidating strongly, standard grade cobalt prices stabilizing weakly, and the overall cobalt price market fluctuating and stabilizing. The domestic cobalt market lacks positive momentum.
Import volume of cobalt raw materials
According to data released by the General Administration of Customs, the import volume of cobalt raw materials in December was 1.57 metal tons, and the cumulative import volume in 2023 was 11.95 metal tons. The import volume of cobalt raw materials has significantly increased, and the supply of cobalt in the market has increased. The demand for cobalt in the market is temporarily stable, and there is significant pressure on the price of cobalt to decline; As the year-end approaches, there is a significant pressure on inventory due to poor shipments, which limits the production enthusiasm of enterprises. Some cobalt salt manufacturers have taken early holidays to suspend production and maintenance, resulting in a slight decline in cobalt market supply. As the year-end approaches, logistics transportation is suspended, and the import of cobalt raw materials in January has declined, exacerbating supply shortages and weakening the cobalt market supply.
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Weakening demand in cobalt market
According to a report by market research firm Canalys, the global smartphone market grew by 8% in the fourth quarter of 2023, reaching 320 million units. Ending seven consecutive quarters of decline. In 2023, the total global shipment of smartphones was 1.1 billion units, a year-on-year decrease of 4%. The demand for 3C electronic products in the domestic consumer market has not rebounded, but the sales of mobile phones have resumed growth in the fourth quarter of 2023. There is some positive demand in the cobalt market, but the overall positive trend is limited.
The first quarter of new energy vehicles is a traditional off-season, approaching the end of the year. Battery factories and upstream raw material manufacturers have gradually reduced production and stopped production, leading to a decline in corporate procurement enthusiasm and a cold demand in the cobalt market.
Overview and Outlook
According to Bai Jiaxin, a data analyst at Business Society, transportation is restricted as the year-end approaches, leading to a decrease in cobalt raw material imports and a weakening of cobalt market supply; The first quarter is the traditional off-season for new energy vehicles, and the demand for cobalt in the market is weak. In January, the supply and demand of cobalt in the market were weak, and the upward support for the cobalt market was insufficient. The downward pressure still exists, and cobalt prices have fluctuated and fallen. The international market cobalt prices have fluctuated and consolidated, while the domestic cobalt market is bearish. It is expected that cobalt prices will consolidate at a low level in the future.
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