SunSirs: The Proportion of Installed Ternary Batteries Had Decreased, and Cobalt Prices Fell Again This Week

Domestic cobalt prices had fallen again this week

According to the cobalt market analysis system of SunSirs, the cobalt price on April 12th was 223,100 RMB/ton, a decrease of 0.18% compared to the cobalt price on April 8th, which was 223,500 RMB/ton; The cobalt price decreased by 0.40% compared to 224,000 RMB/ton on April 1st. The new energy vehicle market was positive, but the proportion of installed capacity of ternary batteries had decreased, and the demand for cobalt in the market was not as good as expected. Cobalt prices had fallen again over the weekend.

The proportion of installed capacity of ternary batteries had decreased

According to data released by the China Automotive Power Battery Industry Innovation Alliance, in terms of vehicle installation volume, in March, the installed volume of ternary batteries was 11.3GWh, accounting for 32.4% of the total installed volume, a year-on-year increase of 29.7% and a month on month increase of 62.9%; From January to March, the cumulative installed capacity of ternary batteries was 30.9Wh, accounting for 36.2% of the total installed capacity, with a year-on-year increase of 47.8%. The installed capacity of ternary batteries increased significantly on a month on month basis, but the proportion of installed capacity of ternary batteries decreased. The demand for cobalt in ternary batteries grew less than expected, which was bearish for the cobalt market.

Overview and Outlook

According to data analysts from SunSirs, the new energy vehicle market had rebounded, but the proportion of installed capacity of ternary batteries had decreased. The demand for cobalt in the market had grown less than expected, and the cobalt market was not as favorable as expected. The pressure on cobalt prices to decline had increased, and it is expected that cobalt prices will consolidate weakly at a low level in the future.

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