SunSirs--China Commodity Data Group

Sign In

Join Now

Contact Us

Home > Cobalt News > News Detail
Cobalt News
SunSirs: Exports Surged and Demand Rose, Cobalt Prices Fluctuated and Consolidated This Week
May 24 2023 10:23:03SunSirs(John)

Domestic cobalt prices fluctuated and consolidated this week

According to data monitoring from SunSirs, as of May 22, cobalt prices were 255,800 RMB/ton, a decrease of 0.16% compared to May 15, when cobalt prices were 256,200 RMB/ton; The cobalt price decreased by 0.08% compared to the price of 256,000 RMB/ton on May 11th. This week, the cobalt market fluctuated and consolidated, and cobalt prices slightly fluctuated and fell.

Exports surged and demand rose

According to data from China Automobile Association, in the first quarter, China exported 248,000 new energy vehicles, a year-on-year increase of 1.1 times; The cumulative export of power battery enterprises' batteries reached 25.8 GWh. In April, China exported 100,000 new energy vehicles, an increase of 28.6% month on month and 8.4 times year-on-year; From January to April, China exported 348,000 new energy vehicles, a year-on-year increase of 1.7 times. According to data from the China Passenger Car Association, in April, China exported 91,000 new energy passenger vehicles, an increase of 1028.5% year-on-year and 29.4% month on month, accounting for 31% of passenger car exports; From January to April, China exported a total of 310,000 new energy passenger vehicles, a year-on-year increase of 170%. The export of new energy vehicles surged, and the proportion of exports increased. The demand for new energy vehicles increased, leading to an increase in demand in the cobalt market.

According to data released by the General Administration of Customs, in the first quarter, the export of electric vehicles reached 64.75 billion RMB/ton, an increase of 122.3%; The proportion of China's automobile exports increased by 5.1%, reaching 43.9%. Driven by multiple factors such as strong demand in foreign electric vehicles and energy storage markets, China's lithium battery exports in the first quarter reached 109.79 billion RMB/ton, with a growth rate of 94.3%. The export of electric vehicles and lithium batteries surged, and the demand for cobalt in the market steadily increased.

Overview and outlook

According to data analysts from SunSirs, the export volume of new energy vehicles and lithium batteries surged, and the demand for cobalt in the market steadily increased. Cobalt prices had upward support, but in terms of supply and demand relations, the cobalt market had sufficient supply, and the supply and demand in the cobalt market were relatively balanced. The support for the rise of cobalt prices is limited, and the downward pressure is weakened. It is expected that cobalt prices will fluctuate and consolidate in the future.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.

Exchange Rate:

8 Industries
Energy
Chemical
Rubber & Plastics
Textile
Non-ferrous Metals
Steel
Building Materials
Agricultural & Sideline Products