Price trend

According to the data monitoring of SunSirs, the cobalt market recovered this week, and the price of cobalt rose. As of April 24, the average cobalt price was 555,000 RMB/ton, up 0.51% from the 552,200 RMB/ton on April 18 at the beginning of the week. Both supply and demand in the cobalt market were weak, the cobalt market rebounded, and cobalt prices rose slightly.

Analysis review

On April 19, Tesla’s Shanghai Gigafactory officially resumed production. According to Tesla, many Tesla parts suppliers in Shanghai had also begun to resume work at the same time as Tesla’s resumption of work. With the easing of the epidemic in Shanghai, the demand for cobalt in the cobalt market has increased, and the upward momentum of cobalt prices has increased in the future.

Market outlook

The data analyst of SunSirs believes that the price of cobalt rose this week, Tesla had officially resumed work, and customers in the industrial chain had resumed work one after another, and the demand for the cobalt market has risen in the outlook; the recent floods in South Africa have caused logistics outages, cobalt raw material transportation has been blocked, and cobalt supply has decreased. The overall cobalt market has been weak in both supply and demand recently. In the future, the supply of the cobalt market is expected to decrease and the demand is expected to increase. The cobalt market is in a trend of decreasing supply and increasing demand. The cobalt market has a strong upward momentum. It is expected that the cobalt price will fluctuate and rise in the future.

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