Domestic cobalt prices rose

According to the cobalt market analysis system of SunSirs, the cobalt price on May 16th was 215,900 RMB/ton, an increase of 2.42% compared to the cobalt price on May 14th, which was 210,800 RMB/ton; The price of cobalt fluctuated and increased by 2.18% compared to May 9th at 211,300 RMB/ton. Stimulated by storage news, cost support still existed, demand rebounds, and cobalt prices rebounded and rose.

Demand supported recovery

The Ministry of Industry and Information Technology, the National Development and Reform Commission, the Ministry of Agriculture and Rural Affairs, the Ministry of Commerce, and the National Energy Administration jointly organized the 2024 New Energy Vehicles Going to the Countryside Campaign. From May to December 2024, support policies such as exchanging old cars for new ones and filling gaps in county-level charging and swapping facilities will be implemented to directly reach consumers with "real gold and silver" discounts. The sales of new energy vehicles are expected to increase, and the demand for cobalt in the market is expected to rise. In addition, the news of storage and recovery has stimulated confidence in the cobalt market, leading to a rebound in cobalt prices.

The price of MB cobalt was weakly stabilizing

According to the trend chart of MB cobalt prices, it can be seen that in May, the price of MB cobalt weakened and stabilized, with standard grade cobalt prices slightly falling and alloy grade cobalt rising first and then falling. The decline in international cobalt prices had slowed down.

Market outlook

According to data analysts from SunSirs, cost support was limited, and the news of collection and storage was stimulating. In addition, the domestic demand for new energy vehicles going to rural areas had rebounded in the domestic cobalt market. Stimulated by favorable demand, it is expected that cobalt prices will rise in the future.

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