Domestic cobalt prices have skyrocketed

According to the cobalt market analysis system of Business Society, the cobalt price on May 21st was 223100 yuan/ton, a significant increase of 3.48% compared to the cobalt price of 215600 yuan/ton on May 20th. The news of the landing of storage and collection has stimulated a short-term increase in demand, leading to a significant increase in cobalt prices.

Storing and receiving message stimuli

According to market insiders, the State Reserve intends to purchase approximately 15000 tons of cobalt to increase its inventory for new energy batteries and aerospace alloys. China purchased 2000 tons of cobalt as a strategic commodity reserve in 2020, and the scale of this collection far exceeds that of 2020. The demand for cobalt in the market has increased significantly in the short term, and the supply of cobalt in the market is insufficient in the short term, increasing the pressure on cobalt prices to rise.

Overview and Outlook

According to data analysts from Business Society, the demand for cobalt in the market has increased due to the stimulation of the harvest and storage news, and the supply of cobalt in the market is in short supply. It is expected that cobalt prices will fluctuate and rise in the future.