SunSirs: Supported by the Positive News in the New Energy Vehicle Market, Cobalt Prices Stopped Falling and Stabilized This Week

This week, domestic cobalt prices stopped falling and stabilized

According to the cobalt market analysis system of SunSirs, the cobalt price on April 9th was 223,500 RMB/ton, a slight decrease of 0.22% compared to the cobalt price of 224,000 RMB/ton on April 1st. The new energy vehicle market was favorable, and the demand for cobalt was improving. This week, cobalt prices stopped falling and stabilized.

Domestic production and sales of new energy vehicles had increased

The Automotive Market Research Branch of the China Association of Automobile Manufacturers estimated that in March 2024, wholesale sales of new energy passenger vehicle manufacturers in China reached 820,000 units, a year-on-year increase of 33% and a month on month increase of 84%. SAIC Group announced that the sales of new energy vehicles in March were 84,800 units, a year-on-year increase of 30%. Under the stimulation of the trade in policy and the wave of price cuts by car companies, the production and sales data of terminal new energy vehicles had significantly improved, supporting the demand in the cobalt market.

Overview and Outlook

According to data analysts from SunSirs, on the demand side, the recovery of the new energy vehicle market was accelerating, consumption in the mobile phone market was maintaining, and there was some positive support for demand in the cobalt market. Supply side: The expected arrival of cobalt raw materials at the port in March had increased significantly, indicating sufficient supply in the cobalt market. Overall, oversupply in the cobalt market still existed, and there was still pressure for the decline in cobalt prices. However, with the recovery of demand in the cobalt market, the downward pressure on cobalt prices had weakened, and it is expected that cobalt prices will stop falling and stabilize in the future.

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