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SunSirs: Stimulated by Collection and Storage, Domestic Cobalt Prices Had Surged
May 23 2024 14:08:54SunSirs(John)

Domestic cobalt prices had skyrocketed

According to the cobalt market analysis system of SunSirs, the cobalt price on May 21st was 223,100 RMB/ton, a significant increase of 3.48% compared to the cobalt price of 215,600 RMB/ton on May 20th. The news of the landing of storage and collection had stimulated a short-term increase in demand, leading to a significant increase in cobalt prices.

Storing and collecting message stimuli

According to market insiders, the State Reserve intended to purchase approximately 15,000 tons of cobalt to increase its inventory for new energy batteries and aerospace alloys. China purchased 2,000 tons of cobalt as a strategic commodity reserve in 2020, and the scale of this collection far exceeded that of 2020. The demand for cobalt in the market had increased significantly in the short term, and the supply of cobalt in the market was insufficient in the short term, increasing the pressure on cobalt prices to rise.

Market outlook

According to data analysts from SunSirs, the demand for cobalt in the market had increased due to the stimulation of the harvest and storage news, and the supply of cobalt in the market was in short supply. It is expected that cobalt prices will fluctuate and rise in the future.

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