Cobalt prices rebounded this week

This week, the cobalt price first fell and then rose, and the cobalt market resumed its upward trend. As of September 13th, the cobalt price was 379,666.66 yuan/ton, which was an increase of 375,666.66 yuan/ton on September 6 at the beginning of last week, and the cobalt price increased by 1.06%; compared with September 1, the cobalt price was 369000.00 yuan/ton, an increase of 2.89%. .

The monthly sales of new energy vehicles increase sharply

The latest data released by the China Automobile Association shows that in August, the production and sales of new energy vehicles were 309,000 and 321,000 respectively, a year-on-year increase of 1.8 times. New energy production and sales continued to break new records in August. The penetration rate of new energy vehicles in August has increased to 17.8%, and the penetration rate of new energy passenger vehicles is even closer to 20%. The production and sales of new energy vehicles have doubled, the market for new energy vehicles has risen, and the penetration rate of new energy vehicles has accelerated.

According to data released by the China Automotive Power Battery Industry Innovation Alliance, in terms of output, in August 2021, the output of ternary batteries was 8.4GWh, accounting for 42.9% of the total output, a year-on-year increase of 91.5%, and a month-on-month increase of 4.8%; the output of lithium iron phosphate batteries was 11.1GWh , Accounting for 56.9% of total output, a year-on-year increase of 268.2%, and a month-on-month increase of 18.8%. In terms of vehicle loading, in August 2021, a total of 5.3GWh of ternary batteries was installed, an increase of 51.9% year-on-year, and a decrease of 2.1% from the previous month; a total of 7.2GWh of lithium iron phosphate batteries were installed, a year-on-year increase of 361.8%, and a month-on-month increase of 24.4%. The output of ternary batteries has risen slowly, and the demand for cobalt has risen. The installed capacity of ternary batteries has fallen from the previous month. The demand for cobalt has grown slowly, and the room for cobalt prices to rise is limited.

International cobalt prices resume their rise

It can be seen from the data released by the LME market that the LME cobalt price resumed its rise this week, the international cobalt market rebounded, and the domestic cobalt market increased its momentum.

According to data released by Experian, from January to July 2021, the number of registered zero-emission vehicles in the United States climbed from 119,628 in the same period last year to 255,393. Electric vehicle registrations accounted for 2.6% of the total car registrations, up from 1.6% in the same period last year. The number of electric car registrations in the United States has more than doubled, electric car sales have doubled, and demand in the cobalt market has risen.

Market summary

From the sales data of new energy vehicles, it can be seen that in August, the domestic new energy vehicle production and sales doubled year-on-year, and the month-on-month increase was also substantial. The first choice for more and more people to buy a car. The rise in the production and sales of electric vehicles stimulated the rise in the cobalt market. However, the installed capacity of ternary batteries has declined, the demand for cobalt has insufficient growth, and the room for cobalt prices to rise is limited. It is expected that the cobalt price will fluctuate and stabilize in the future.

Related listed companies: Huayou Cobalt (603799), Hanrui Cobalt (300618), Luoyang Molybdenum (603993).

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