According to the data monitoring of SunSirs, the price of cobalt fell sharply this week. As of June 27, the cobalt price was 393,500 RMB/ton, down 8.74% from the 431,200 RMB/ton cobalt price on June 19 last weekend. Mobile phone sales plummeted, cobalt market demand declined, and cobalt market prices fell.
Drop in mobile phone sales affected demand for cobalt market
According to data released by the China Academy of Information and Communications Technology, the domestic market shipped 20.805 million mobile phones in May, a year-on-year decrease of 9.4%. From January to May, the total shipments of mobile phones in the domestic market totaled 108 million units, a year-on-year decrease of 27.1%. The sales volume of the mobile phone market plummeted, and the demand for cobalt from mobile phones declined significantly. The demand for cobalt from electronic products such as mobile phones had fallen below that of new energy vehicles.
The growth of new energy vehicles greatly supplemented the cobalt market demand, but the growth of new energy vehicles had not exceeded expectations, and due to the impact of the epidemic, the demand for cobalt from new energy vehicles declined. The overall cobalt market demand declined, and the downward pressure on cobalt prices increased.
Data analysts of SunSirs believe that the sharp drop in mobile phone sales has affected the demand in the cobalt market, the overall demand in the cobalt market has declined, and the downward pressure on cobalt prices has increased. In the future, the demand in the cobalt market may not be as good as expected, the metal sector fell across the board, and the support for the rise in cobalt prices weakened. However, the rapid growth of new energy vehicles is still supporting the price of cobalt, and there is limited room for cobalt prices to fall. It is expected that the cobalt price will stabilize after a slight decline in the market outlook.
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