Cobalt prices had fluctuated and weakened this week

According to the cobalt market analysis system of SunSirs, as of January 15th, the cobalt price was 218,800 RMB/ton, a decrease of 0.82% from January 8th cobalt price of 220,600 RMB/ton, and a decrease of 0.95% from January 1st cobalt price of 220,900 RMB/ton. This week, cobalt prices continued to decline, and the weak trend in the cobalt market remained unchanged.

Demand side was weak in cobalt market

New energy vehicles still maintained a prosperous situation, with a year-on-year increase in production and sales. However, the first quarter was in the traditional off-season, and the release of production capacity by battery material factories had slowed down. The demand for cobalt hadfurther decreased. Before the Spring Festival, the stocking sentiment of battery manufacturers for raw materials was sluggish, and the demand for cobalt in the market was weak.

Adequate supply of cobalt in the market

As the Spring Festival approacing, under the expectation of poor demand, the shipping pressure on holders was gradually being released, and production enthusiasm was being suppressed. However, most manufacturers still maintained normal production, and the pattern of cobalt oversupply remained unchanged. Overall, there is sufficient spot circulation.

Market outlook

According to data analysts from SunSirs, as the Spring Festival approaching, the supply of cobalt in the domestic market had both weakened. However, the oversupply pattern in the cobalt market had not changed, and the weak demand trend was relatively large. Overall, the cobalt market remained strong in supply and weak in demand, and it is expected that cobalt prices will fluctuate and weaken in the future.

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