Cobalt prices surged in June

According to data monitoring from SunSirs, cobalt prices increased significantly in June. As of June 30th, the cobalt price was 290,200 RMB/ton, an increase of 13.27% compared to June 1st, when the cobalt price was 256,200 RMB/ton. Domestic cobalt prices skyrocketed, can the future cobalt market continue to rise?

The sales of new energy vehicles rose

According to data released by the China Automobile Association, in May, China's production and sales of new energy vehicles completed 713,000 and 717,000 units respectively, with a market share of 30.1%. According to data from the China Passenger Transport Association, in May, the wholesale sales of new energy passenger vehicles in China reached 673,000 units, with a wholesale penetration rate of 33.7% for new energy vehicle manufacturers and a retail penetration rate of 33.3% for new energy vehicles. In May, China exported 92,000 new energy passenger vehicles, accounting for 30.5% of passenger vehicle exports. The world's automobile industry will further develop towards electrification, and new energy vehicles will become the mainstream. The market share of new energy vehicles and new energy vehicle exports exceeded 30%. The concentration trend of the new energy vehicle industry was obvious, and the new energy vehicle industry had entered a rapid development zone. The demand for cobalt in the cobalt market was steadily growing, and the driving force for cobalt price increase was increasing.

According to data released by the National Bureau of Statistics, the profit of the automotive manufacturing industry increased by 1.02 times in May; The electrical and mechanical industry was driven by new energy products such as photovoltaic equipment and lithium-ion batteries, resulting in a profit growth of 27.3%; The profit of the new energy vehicle related industry had increased significantly, and the future market is expected to be positive. The demand for cobalt in the market is expected to rise.

International cobalt prices fluctuated and rose

From the trend chart of MB cobalt prices, it can be seen that in June, MB cobalt prices stopped falling and rose, international cobalt prices fluctuated and rose, and domestic cobalt manufacturers and traders followed suit.

Overview and outlook

According to data analysts from SunSirs, the production and sales of new energy vehicles were booming, and the sales of the automotive industry were generally growing rapidly. The stocks of automotive companies were strengthening, and the profits of the automotive manufacturing industry were increasing. Downstream profits were increasing, and there was greater room for cobalt prices to rise; The policy of reducing the purchase tax on new energy vehicles was extended, and the production and sales of new energy vehicles were expected to increase. The demand for cobalt in the future market may exceed expectations, and 3C and intelligent electronic products had rebounded. The proportion of ternary batteries had increased, and the demand for cobalt had increased. The situation in some parts of the Democratic Republic of Congo was unstable, and the supply of cobalt raw materials may be limited. The news of domestic cobalt storage stimulated demand in the cobalt market. In the future, with a decrease in supply and a rebound in demand, cobalt prices will fluctuate and rise. May hit the 300,000 RMB/ton mark.

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