Cobalt prices hit the 300,000 RMB/ton mark again

According to the Commodity Market Analysis System of SunSirs, cobalt prices had bottomed out and rebounded since hitting a new low of 253,100 RMB/ton on May 31st. As of July 5th, the cobalt price was 296,800 RMB/ton, a significant increase of 17.27% compared to May 31st, when the cobalt price was 256,200 RMB/ton; The cobalt price had decreased by 8.23% compared to January 1st. The cobalt market was oversupplied, and the price of cobalt had fluctuated and declined in 2023. With the recovery of demand, cobalt prices bottomed out and rebounded in June. On July 5th, cobalt prices are expected to reach 300,000 RMB/ton. How far can cobalt prices go in the future?

Cobalt prices was relatively low in 2023

According to the Commodity Market Analysis System of SunSirs, cobalt prices continued their downward trend in the past 22 years, with a fluctuating decline. The highest cobalt price in 2023 was 323,400 RMB/ton on January 1. Although there was a brief rebound in March, it was still difficult to change the downward trend. The corresponding trend of cobalt prices in 2021 and 2022: cobalt prices fluctuated and increased in 2021, while cobalt prices fluctuated and decreased in 2022. However, cobalt prices in 2021 and 2022 were generally above 300,000 RMB/ton for the entire year, and over 400,000 RMB/ton for a considerable period of time. The year-on-year comparison of cobalt prices in the past four years showed that since 2020, only the price of cobalt in 2020 had been slightly lower than that in 2023. The State Reserve Bureau had collected a large amount of cobalt during the low cobalt price in 2020, and the State Reserve Bureau may collect a large amount of cobalt during the low cobalt price in 2023. Cobalt market demand is expected to rise.

International cobalt prices fluctuated and rose

From the trend chart of MB cobalt prices, it can be seen that MB cobalt prices stopped falling and rose in June. The international market is about to enter the summer break stage in July. Therefore, there was a large demand for electrolytic cobalt restocking in the international market recently, stimulating the rise of international cobalt prices. Domestic cobalt manufacturers and traders followed the trend and increased the driving force for domestic cobalt prices to rise.

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