The rise of cobalt price after the festival was weak
According to the data monitoring of SunSirs, as of October 17, the cobalt price was 356,100 RMB/ton, up 2.83% from the price of 346,300 RMB/ton on October 1 at the beginning of the month. After the festival, enterprises increased their stock replenishment, the cobalt price stabilized after a small increase, the domestic cobalt market demand fell back, the international cobalt price fell in shock, which was bad for the domestic cobalt market, and the domestic cobalt price stabilized after a small increase.
New energy vehicle market
According to the data of China Automobile Association, in September, the production and sales of new energy vehicles in China were 755,000 and 708,000, up 1.1 times and 93.9% year on year, respectively, with a market share of 27.1%. From January to September, the production and sales of new energy vehicles in China were 4.717 million and 4.567 million, up 1.2 times and 1.1 times respectively year on year, with a market share of 23.5%. From January to September, the sales volume of new energy enterprises increased significantly. The export of new energy vehicles was 50000, down 40.3% month on month and more than doubled year on year. Under the continuous effect of the policy of stabilizing the economy and promoting consumption, the production and sales of automobiles in the fourth quarter will continue to maintain a rapid growth, new energy automobiles and automobile exports will continue to enjoy a good momentum of development, the growth of new energy automobiles will exceed expectations, and the demand for cobalt will increase.
MB cobalt price fell in October
It can be seen from the MB cobalt price trend chart that the MB cobalt price in October failed to continue the rising trend in September. After the festival, the MB cobalt price fell slightly in shock, the international cobalt market fell, the domestic cobalt market was negative, and the support for the rise of the cobalt market weakened.
Market outlook
According to the data analysts of SunSirs, the sales of new energy vehicles rose significantly, and the expectation of a warmer demand in the cobalt market increased. The cobalt market had some support for growth, but the international cobalt price fell, and the support for the cobalt market's growth weakened. In general, the upward momentum of the cobalt market still exists, but the continuous rise of the cobalt price is not supported enough. It is expected that the cobalt price will fluctuate to stabilize in the future.
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