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SunSirs: Cobalt Prices Had Fluctuated and Weakened Slightly This Week

January 29 2024 11:42:21     SunSirs (John)

Cobalt prices had fluctuated and weakened slightly this week

According to the cobalt market analysis system of SunSirs, as of January 26th, the cobalt price was 218,300 RMB/ton, a decrease of 0.09% from January 19th cobalt price of 218,500 RMB/ton, and a decrease of 1.18% from January 1st cobalt price of 220,900 RMB/ton. This week, cobalt prices continued to decline, and the weak trend in the cobalt market remained.

MB Cobalt Price Stabilized

From the trend chart of MB cobalt prices, it can be seen that cobalt prices remained relatively stable in January, with alloy grade cobalt prices slightly rebounding and standard grade cobalt prices slightly falling. The overall cobalt price trend was stabilizing, and there was insufficient positive impact on domestic cobalt prices.

The import volume of cobalt raw materials had significantly increased

According to data released by the General Administration of Customs, the import volume of cobalt raw materials in December was 1.57 metal tons, and the cumulative import volume in 2023 was 11.95 metal tons. The import volume of cobalt raw materials had significantly increased, the supply of cobalt in the market had increased, the demand for cobalt in the market had temporarily stabilized, and the pressure on cobalt prices to decline had increased.

Overview and Outlook

According to data analysts from SunSirs, the oversupply of cobalt in the market had intensified, increasing pressure on the decline of cobalt prices. However, the downward space for cobalt prices was limited, and international cobalt prices were consolidating at a low level. The domestic cobalt market was still bearish, and it is expected that cobalt prices will consolidate at a low level in the future.

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