SunSirs: The Domestic Cobalt Price Fell in Shock This Week

The domestic cobalt price fell in shock this week

According to the data monitoring of SunSirs, as of February 13, the cobalt price was 289,500 RMB/ton, down 2.13% from the price of 295,800 RMB/ton on February 5 last weekend; The cobalt price fell by 2.26% from the price of 296,200 RMB/ton on February 1. The demand of cobalt market was weak, the international cobalt price fell, and the domestic cobalt price fell in shock.

MB cobalt price fluctuated and fell

From the statistical table of MB cobalt price, it can be seen that the MB cobalt price fell in shock this week, and the international cobalt market fell, but the decline slowed down. The domestic cobalt market was still bearish, and the downward pressure on domestic cobalt price was great.

Sales of new energy vehicles declined in January

According to the data released by the China Automobile Association on the 10th, the production and sales of new energy vehicles in China reached 425,000 and 408,000 respectively in January 2023, down 46.6% and 49.9% on a month-on-month basis and 6.9% and down 6.3% on a year-on-year basis. According to the data released by the Passenger Transport Federation, the wholesale sales of new energy passenger vehicles reached 389,000 in January, down 7.3% year-on-year and down 48.2% month-on-month. In January, the retail sales of new energy passenger vehicles reached 332,000, down 6.3% year-on-year and down 48.3% month-on-month. The production and sales of new energy vehicles fell both year-on-year and month-on-month, the demand of cobalt market fell, and the downward pressure on cobalt price increased.

Market outlook

According to the data analysts of SunSirs, the international cobalt price fluctuated and fell, which was negative for the domestic cobalt market. The production and sales of new energy vehicles fell. The domestic cobalt market demand was less than expected, and the downward pressure on the domestic cobalt price increased. In the future, the new energy vehicle market is still optimistic, the demand growth of cobalt market is still expected, and it is expected that the cobalt market will stabilize in the future.

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