Cobalt prices had fallen from their high levels this week

According to data monitoring from SunSirs, as of July 14th, the cobalt price was 304,100 RMB/ton, an increase of 0.93% compared to July 7th, when the cobalt price was 301,300 RMB/ton; The cobalt price decreased by 0.49% compared to 305,600 RMB/ton on July 11th. Downstream demand support still existed, and the news of the landing of collection and storage was not confirmed. The supply and demand in the cobalt market were relatively balanced, and the support for the continuous rise of cobalt prices was limited. This week, domestic cobalt prices had retreated from their high levels.

The sales of new energy vehicles increased

According to data released by the China Automobile Association, in June, China's production and sales of new energy vehicles completed 784,000 and 806,000 units respectively, with year-on-year growth of 32.8% and 35.2%, and a market share of 30.7%. The sales of new energy vehicles had significantly increased, and the demand for cobalt in the market had increased. Downstream customers still had purchasing enthusiasm, and traders had a strong willingness to support the prices.

International cobalt price rise slowed down

From the trend chart of MB cobalt prices, it can be seen that in July, MB cobalt prices fluctuated and rose, but the rise in cobalt prices slowed down. In July, the international market entered the summer break stage, and there was a large demand for electrolytic cobalt replenishment in the international market. The rise in international cobalt prices slowed down, and the upward momentum of domestic cobalt prices weakened.

Overview and outlook

According to data analysts from SunSirs, new energy vehicles were steadily growing and the demand for cobalt in the market was growing. In terms of supply, the United States House of Representatives proposed a bill to develop a U.S. national strategy to ensure the security of the Supply chain security of Congo's cobalt minerals, which may affect the supply of domestic cobalt raw materials. The news of cobalt storage stimulated the rise of cobalt prices, but the implementation of cobalt storage had not been confirmed yet, providing limited support for the continued rise of cobalt prices. Overall, the rebound in demand was difficult to exceed expectations, and the supply and demand in the cobalt market were relatively balanced. The support for the rise in cobalt prices was limited, and it is expected that cobalt prices will fluctuate and consolidate strongly in the future.

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