SunSirs: Poor Demand Growth, Cobalt Prices Fluctuated and Fell after the Holiday

After the holiday, domestic cobalt prices fluctuated and fell

According to data monitoring from SunSirs, as of May 12th, cobalt prices were 256,300 RMB/ton, a decrease of 2.99% compared to May 1st, when cobalt prices were 264,200 RMB/ton. International cobalt prices fell, cobalt salt prices fluctuated and fell, and cobalt prices fluctuated and fell after the holiday.

International cobalt prices continued to decline

From the trend chart of MB cobalt prices, it can be seen that after the holiday, MB cobalt prices continued to decline, while international cobalt prices fell, which was negative for the domestic cobalt market and domestic cobalt prices fluctuated and fell.

Sales of new energy vehicles rose less than expected

According to the automobile production and sales data released by the China Automobile Association, in April, China's new energy vehicle production and sales completed 640,000 and 636,000 units respectively, a year-on-year increase of 1.1 times, and the market share reached 29.5%.. From January to April, the production and sales of new energy vehicles reached 2.291 million and 2.222 million, respectively, with a year-on-year increase of 42.8% and a market share of 27%. According to data from the Passenger Transport Association, the wholesale sales of new energy passenger vehicles reached 607,000 units in April, a year-on-year increase of 115.6% and a month on month decrease of 1.7%; From January to April, a total of 2.108 million vehicles were wholesale, a year-on-year increase of 43.0%. In April, the retail sales of new energy vehicles in the market reached 527,000 units, an increase of 85.6% year-on-year and a decrease of 3.6% month on month; From January to April, the cumulative retail sales were 1.843 million vehicles, a year-on-year increase of 36.0%. In April, the sales of new energy vehicles increased year-on-year, but slightly decreased month on month; The overall recovery rate of new energy vehicle sales was less than expected, and the demand growth in the cobalt market was less than expected.

Market outlook

According to data analysts from SunSirs, international cobalt prices continued to decline after the holiday, and the domestic cobalt market was becoming more bearish. On the demand side, the sales growth of new energy electric vehicles did not meet expectations, the demand for cobalt in the market was weak, and the momentum for the rise of cobalt prices was insufficient. The cobalt market has sufficient supply and weak demand. The cobalt market is bearish, with international cobalt prices falling. It is expected that cobalt prices will fluctuate downward slightly in the future.

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