The domestic cobalt price fell in shock

According to the data monitoring of SunSirs, as of October 24, the average domestic cobalt price was 352,300 RMB/ton, down 1.78% from the price of 358,700 RMB/ton on October 12; The cobalt price increased by 1.73% from the price of 346,300 RMB/ton on October 1 at the beginning of the month. In October, the cobalt price rose first and then fell. After the festival, enterprises replenished their stocks, the demand for cobalt recovered briefly, and the cobalt price rose slightly. At the end of replenishment, domestic cobalt prices began to fall due to the decline of international cobalt prices.

Analysis review

It can be seen from the MB cobalt price trend chart that the MB cobalt price in October failed to continue the rise in September. Although the MB alloy cobalt price rose slightly, the standard cobalt price fell sharply. As of October 21, the average price of standard cobalt was 25.775 dollars/pound, down 0.325 dollars/pound from the standard cobalt price of 26.1 dollars/pound at the beginning of the month; The international cobalt market fell, which was bad for the domestic cobalt market, the support for the rising cobalt market was weakened.

Market outlook

According to the data analysts of SunSirs, in October, the supply and demand of the domestic cobalt market had limited changes, and the supply and demand of the cobalt market were relatively balanced. The support for the rise of cobalt price was limited, and the downward pressure was insufficient, the cobalt price was relatively stable, but the decline of international cobalt price was bad for the domestic cobalt market. In the future, due to the negative impact of the international market, the upward momentum of the domestic cobalt market has weakened. It is expected that the cobalt price in the future will stabilize or fall back slightly.

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