Cobalt prices fluctuated and fell this week

According to the data monitoring of SunSirs, the cobalt price fluctuated and fell this week. As of July 11, the cobalt price was 361,200 RMB/ton, down 4.01% from the cobalt price of 376,300 RMB/ton on July 1 at the beginning of the month. Mobile phone sales plummeted, cobalt market demand declined, and cobalt market fell.

Sales of new energy vehicles picked up

The China Automobile Association released data on the economic operation of the automobile industry in June 2022, showing that in June, the production and sales of new energy vehicles in China were 590,000 and 596,000 respectively, an increase of 1.3 times year-on-year. From January to June, the production and sales of new energy vehicles in my country were 2.661 million and 2.6 million respectively, an increase of 1.2 times year-on-year. The production and sales of new energy vehicles have reached a new high, and the demand in the cobalt market has risen.

Cobalt market supply declined

According to the latest data from the customs website, China's total imports of cobalt raw materials in May 2022 were 7,100 tons of metal tons, down 4% month-on-month and 1% year-on-year. From January to May 2022, China's total import of cobalt raw materials is 38,800 tons of metal tons. In the first half of 2022, the progress of Mutanda's resumption of production was less than expected. Glencore lowered its annual guidance output by 3,000 tons despite a 43% year-on-year increase in cobalt production in the first quarter. In mid-April, Durban, South Africa suffered a flood, which affected the shipment and delivery of cobalt raw materials. Shipments did not resume until mid-May. In May, the arrival of intermediate goods dropped sharply, resulting in a decline in the arrival of intermediate goods from late May to early June. The supply in the cobalt market declined, and the shortage of supply in the cobalt market remained.

Market outlook

The data analyst of SunSirs believes that the sales of new energy vehicles were rising, the demand for the cobalt market was picking up, the cobalt market was still in short supply, and the downward pressure on cobalt prices weakened and the upward momentum increased. The cobalt price stabilized this week, and the price of cobalt has a strong upward momentum in the market outlook.

If you have any questions, please feel free to contact SunSirs with support@sunsirs.com