SunSirs: Demand Rebounded, Cobalt Prices Fluctuated and Rose This Week

Cobalt prices fluctuated and rose this week

According to data monitoring from SunSirs, as of June 12th, the cobalt price was 263,100 RMB/ton, an increase of 2.53% compared to June 5th, when the cobalt price was 256,600 RMB/ton; The cobalt price had increased by 2.97% compared to 255,500 RMB/ton on June 2nd. The sales of new energy vehicles increased, the demand for cobalt increased, the domestic cobalt market rebounded, and cobalt prices fluctuated and rose.

Sales of new energy vehicles rose

According to data released by the China Automobile Association, in May, China's production and sales of new energy vehicles completed 713,000 and 717,000 units respectively, with year-on-year growth of 53% and 60.2%, respectively. According to data from the China Passenger Transport Association, in May, the wholesale sales of new energy passenger vehicles in China reached 673,000 units, a year-on-year increase of 59.4% and a month on month increase of 11.5%. In May, 580,000 alternative fuel vehicle were retailed in China, up 60.9% year on year and 10.5% month on month. In May, China exported 92,000 new energy passenger vehicles, an increase of 135.7% year-on-year and 1.2% month on month, accounting for 30.5% of passenger vehicle exports. The sales of new energy vehicles had significantly increased compared to the same period last month, and the demand for cobalt in the market had rebounded. The support for the rise in cobalt prices still existed.

Market outlook

Data analysts from SunSirs believe that the sales of new energy vehicles had significantly increased, the demand for lithium batteries and storage equipment had rebounded, and the demand for cobalt in the market had rebounded. Overall, demand had rebounded and international cobalt prices fluctuated and rose. It is expected that cobalt prices will fluctuate and rise in the future.

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