Cobalt prices have stopped falling and stabilized this week

This week, domestic cobalt prices stopped falling and stabilized

According to the cobalt market analysis system of Business Society, the cobalt price on April 9th was 223500 yuan/ton, a slight decrease of 0.22% compared to the cobalt price of 224000 yuan/ton on April 1st. The new energy vehicle market is favorable, and the demand for cobalt is improving. This week, cobalt prices have stopped falling and stabilized.

Domestic wholesale production of new energy vehicles is increasing

The Automotive Market Research Branch of the China Association of Automobile Manufacturers estimated that in March 2024, wholesale sales of new energy passenger vehicle manufacturers in China reached 820000 units, a year-on-year increase of 33% and a month on month increase of 84%. SAIC Group announced that the sales of new energy vehicles in March were 84800 units, a year-on-year increase of 30%. Under the stimulation of the trade in policy and the wave of price cuts by car companies, the production and sales data of terminal new energy vehicles have significantly improved, supporting the demand in the cobalt market.

Overview and Outlook

According to Bai Jiaxin, a data analyst at Business Society, on the demand side, the recovery of the new energy vehicle market is accelerating, the consumption of the mobile phone market is maintaining, and there is some positive support for the demand in the cobalt market. Supply side: The expected arrival of cobalt raw materials at the port in March has increased significantly, indicating sufficient supply in the cobalt market. Overall, oversupply in the cobalt market still exists, and there is still pressure for the decline in cobalt prices. However, with the recovery of demand in the cobalt market, the downward pressure on cobalt prices has weakened, and it is expected that cobalt prices will stop falling and stabilize in the future.