The domestic cobalt price fluctuated and fell this week

This week, the domestic cobalt price fluctuated and fell. According to data monitoring by SunSirs, as of March 27, the cobalt price was 299,300 RMB/ton, a decrease of 1.45% compared to the price of 303,700 RMB/ton on March 20. The price of lithium battery products fell, and the price of cobalt followed the decline.

Prices of lithium battery sector fell together

From the price trend table of lithium battery industry chain products, it can be seen that the prices of lithium battery industry chain products fell significantly in March. Lithium battery related metal nickel fell, lithium salt prices plummeted, and metal cobalt prices followed suit. The sales of new energy vehicles fell short of expectations, the demand for cobalt in the market was poor, and the support for the rise in cobalt prices was insufficient.

The import of cobalt raw materials increased year-on-year

From the histogram of cobalt raw material imported, it can be seen that in January and February of 2023, the import of cobalt raw material increased year-on-year, and the import of cobalt raw material steadily increased. The supply of cobalt in the market was sufficient, and the downward pressure on cobalt prices in the future increases.

Market outlook

Data analysts from SunSirs believe that the sales of mobile phones had plummeted, the sales of new energy vehicles had fallen short of expectations, the demand for cobalt in the market had fallen short of expectations, the import volume of cobalt in the market had increased year-on-year, and the supply of cobalt in the market was sufficient. Overall, the supply of cobalt in the future market will exceed demand, and the price of cobalt will fluctuate and fall.

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