Cobalt prices fluctuated and rose this week

According to the cobalt market analysis system of SunSirs, as of October 20th, the cobalt price was 272,000 RMB/ton, an increase of 5.55% compared to the cobalt price of 257,700 RMB/ton on October 13th; The cobalt price had increased by 6.67% compared to 255,000 RMB/ton on October 1st. Cobalt market demand was expected to rebound, with domestic cobalt prices fluctuating and rising this week.

Cobalt market demand is expected to increase

According to the latest report from Canalys, in the third quarter of 2023, the global smartphone market only fell by 1%, and the downward trend had slowed down. Driven by regional recovery and demand for new product upgrades, the global smartphone market achieved double-digit month on month growth in the third quarter before the peak season. Smartphone sales surged month on month, with the upcoming Double Eleven promotion. Smartphone sales are expected to rise in the fourth quarter, and demand in the cobalt market is expected to rebound.

Overview and outlook

Data analysts from SunSirs believe that mobile phone sales are expected to rebound, and demand in the cobalt market is expected to rebound. In terms of supply, the supply of cobalt ore in the Democratic Republic of Congo is sufficient, but the export of cobalt ore is limited due to insufficient transportation capacity. Overall, the supply and demand in the cobalt market have increased, but the expected recovery of cobalt market supply is faster than the expected growth of supply. In the future, cobalt prices are expected to consolidate strongly.

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