Domestic cobalt prices fluctuated and rose last week
Last week, domestic cobalt prices fell first and then rose, and the cobalt market rebounded slightly. As of October 30, the cobalt price was 404,200 yuan/ton, a slight increase from last weekend (October 22) of 401200 yuan/ton, an increase of 0.75%. Cobalt prices rose slightly last week, and the overall cobalt market rebounded slightly.
New energy vehicles continue to have good news
On October 28, the Yichun Times New Type Lithium-ion Battery Manufacturing Base project invested and constructed by Ningde Times officially laid the foundation in Yichun Economic Development Zone. The first phase invested 13.5 billion yuan to build a 50GWh new-type lithium battery manufacturing base project. According to another news, Tesla has already booked 45GWh lithium iron phosphate batteries from China's leading power battery company Ningde Times for next year's sales plan. New lithium battery production bases continue to be positive, and the market is bullish on the future of lithium batteries. Although the ternary battery is at a disadvantage in the competition with lithium iron phosphate and has been seized for a large number of market shares, the new energy vehicle market is expected to explode next year, and the demand for ternary batteries is expected to rise sharply.
On October 26, Tesla's market value exceeded $1 trillion. Recently, Hertz, a car rental company, placed an order for 100,000 cars from Tesla. Tesla has already booked lithium iron phosphate batteries with China's leading power battery company Ningde Times for next year's sales plan. In 2022, Tesla's Nevada battery factory will also expand production to more than 40GWh. Coupled with the supply of Panasonic and LG Chem, Tesla will sell at least 1.5 million cars in 2022. According to Tesla's production plan, the installed capacity of Tesla's ternary battery vehicles in 22 years may exceed the sales volume in 21 years. Demand for ternary batteries is expected to increase sharply, and demand in the cobalt market will increase.
CICC research report pointed out that the global new energy vehicle sales and penetration rate are accelerating. Based on the experience of the S-shaped growth curve and the latest industry chain guidelines, it is expected that the sales of electric vehicles are expected to exceed 10 million in 2022. New energy vehicle sales are expected to explode, stimulating the explosion of related industries, and the future of the cobalt market can be expected.
Market summary
Cobalt prices fluctuated slightly again last week, and the market is generally bullish about the future cobalt market. The recent performance of the cobalt market has been mediocre. The sales of mobile phones have continued to decline. Although the sales of new energy vehicles have risen sharply, the market share has been seized by lithium iron phosphate batteries. However, the cobalt market is still recognized by the market in the future. Tesla has increased battery production orders. The global sales of new energy vehicles are expected to exceed 10 million in 2022. The future demand for cobalt is inevitable. On the whole, the mid-to-long-term cobalt market can see a big rise, but short-term cobalt prices are difficult to break through, and short-term cobalt prices fluctuate slightly.
Related listed companies: Huayou Cobalt (603799), Hanrui Cobalt (300618), Luoyang Molybdenum (603993).
If you have any questions, please feel free to contact SunSirs with support@sunsirs.com.