SunSirs: International Cobalt Prices Had Risen, and Domestic Cobalt Prices Slightly Increased after the Holiday

Cobalt prices rebounded and rose after the holiday

According to the cobalt market analysis system of SunSirs, as of October 12th, the cobalt price was 255,900 RMB/ton, an increase of 0.35% compared to the cobalt price of 255,000 RMB/ton on October 1st. In October, the international cobalt price continued to rise, and the domestic cobalt market was positive. After the holiday, the domestic cobalt price slightly increased.

MB Cobalt Price Rose in October

From the trend chart of MB cobalt price, it can be seen that in September, MB cobalt price stopped falling and rebounded, while in October, cobalt price continued its upward trend in September and slightly increased. The international cobalt market was favorable, whichwas beneficial for the domestic cobalt market.

The sales of new energy vehicles rose

According to data from the China Association of Automobile Manufacturers, in September 2023, the production and sales of new energy vehicles in China reached 879,000 and 904,000, respectively, with year-on-year growth of 16.1% and 27.7%, and a market share of 31.6%. From January to September, the production and sales of new energy vehicles reached 6.313 million and 6.278 million, respectively, with year-on-year growth of 33.7% and 37.5%, and a market share of 29.8%. According to data released by the China Passenger Car Association, the domestic passenger car market produced 2.453 million vehicles in September, an increase of 2.3% year-on-year and 8.7% month on month. The cumulative production from January to September was 17.95 million vehicles, an increase of 4.8% year-on-year. The production and sales of new energy vehicles had increased year-on-year, but the growth rate had slowed down. The demand for cobalt in the market increased, but the growth rate might not meet expectations.

Overview and outlook

According to data analysts from SunSirs, the production and sales of new energy vehicles had grown, but the growth rate might not meet expectations. International cobalt prices slightly increased, and the domestic cobalt market was positive. Overall, the supply and demand in the cobalt market had increased, and the rise in international cobalt prices had stimulated domestic cobalt exports. The supply and demand in the cobalt market were relatively balanced, and the cobalt price is expected to fluctuate and consolidate in the future.

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