After the festival, the domestic cobalt price rose weakly

According to the data monitoring of the business community, as of October 17, the cobalt price was 356100 yuan/ton, up 2.83% from 346300 yuan/ton on October 1 at the beginning of the month. After the festival, enterprises increased their stock replenishment, the cobalt price stabilized after a small increase, the domestic cobalt market demand fell back, the international cobalt price fell in shock, which was bad for the domestic cobalt market, and the domestic cobalt price stabilized after a small increase.

New energy vehicle market

According to the data of China Automobile Association, in September, the production and sales of new energy vehicles in China were 755000 and 708000, up 1.1 times and 93.9% year on year, respectively, with a market share of 27.1%. From January to September, the production and sales of new energy vehicles in China were 4.717 million and 4.567 million, up 1.2 times and 1.1 times respectively year on year, with a market share of 23.5%. From January to September, the sales volume of new energy enterprises increased significantly. The export of new energy vehicles was 50000, down 40.3% month on month and more than doubled year on year. Under the continuous effect of the policy of stabilizing the economy and promoting consumption, the production and sales of automobiles in the fourth quarter will continue to maintain a rapid growth, new energy automobiles and automobile exports will continue to enjoy a good momentum of development, the growth of new energy automobiles will exceed expectations, and the demand for cobalt will increase.

MB cobalt price fell in October

It can be seen from the MB cobalt price trend chart that the MB cobalt price in October failed to continue the rising trend in September. After the festival, the MB cobalt price fell slightly, the international cobalt market fell, the domestic cobalt market was negative, and the support for the rise of the cobalt market weakened.

Future outlook

Bai Jiaxin, a data analyst of the business community, believes that the sales of new energy vehicles have risen significantly, and the expectation of a warmer demand in the cobalt market has increased. The cobalt market has some support for growth, but the international cobalt price has fallen, and the support for the rise in the cobalt market has weakened. In general, the upward momentum of the cobalt market still exists, but the continuous rise of the cobalt price is not supported enough. It is expected that the cobalt price will stabilize in the future.