SunSirs: The Arrival of Cobalt Raw Materials at Port Reduced, and Cobalt Prices Decline Slowed Down This Week
August 23 2023 10:37:18 SunSirs (John)
Cobalt prices fluctuated and fell this week
According to the Commodity Market Analysis System of SunSirs, as of August 22, the cobalt price was 261,400 RMB/ton, a decrease of 3.44% from the cobalt price of 270,700 RMB/ton on August 13; The cobalt price decreased by 8.38% compared to 285,300 RMB/ton on August 1st. The arrival of cobalt raw materials at port decreased, and the supply and demand in the cobalt market decreased. The supply and demand in the cobalt market were both weak, and the cobalt price fluctuated and fell this week.
The import volume of cobalt raw materials decreased
According to the Commodity Market Analysis System of SunSirs, the trend of cobalt prices continued to decline this week, but this week's decline had decreased compared to last week's decline, and the decline in cobalt prices had a contracting trend. Moreover, the cobalt price had hit a bottom of 250,000 RMB/ton, and there was limited room for its decline. The cobalt price had a trend of bottoming out and rebounding.
The sales of new energy vehicles had decreased month on month, and the expected demand growth in the cobalt market had decreased. The installed capacity of ternary batteries had increased month on month, but the demand growth in the cobalt market remained the same; The import volume of cobalt raw materials decreased on a month on month basis, and the supply of cobalt in the market is expected to decrease.
Market outlook
According to data analysts from SunSirs, the supply expectation in the cobalt market decreased, and the demand growth was less than expected. It is expected that the decline in cobalt prices will slow down in the future, and will fluctuate and consolidate at low levels.
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