The domestic cobalt price fell sharply this week

According to the data monitoring of the Business News Agency, as of February 13, the cobalt price was 289500 yuan/ton, down 2.13% from 295800 yuan/ton on February 5 last weekend; The cobalt price fell by 2.26% from 296200 yuan/ton on February 1. The demand of cobalt market is weak, the international cobalt price falls, and the domestic cobalt price falls in shock.

MB cobalt price fluctuated and fell

From the statistical table of MB cobalt price, it can be seen that the MB cobalt price fell in shock this week, and the international cobalt market fell, but the decline slowed down. The domestic cobalt market is still bearish, and the domestic cobalt price is under great pressure.

Sales of new energy vehicles declined in January

According to the data released by the China Automobile Association on the 10th, the production and sales of new energy vehicles in China reached 425000 and 408000 respectively in January 2023, down 46.6% and 49.9% on a month-on-month basis and 6.9% and 6.3% on a year-on-year basis. According to the data released by the Passenger Transport Federation, the wholesale sales of new energy passenger vehicles reached 389000 in January, down 7.3% year-on-year and 48.2% month-on-month. In January, the retail sales of new energy passenger vehicles reached 332000, down 6.3% year-on-year and 48.3% month-on-month. The production and sales of new energy vehicles both declined on a month-on-month basis, the demand for cobalt market declined, and the pressure on cobalt price decline increased.

Overview and prospect

Bai Jiaxin, a data analyst at the Business News Agency, believes that the international cobalt price has fallen in shock, which is negative for the domestic cobalt market. The production and sales of new energy vehicles have declined. The domestic cobalt market demand is less than expected, and the downward pressure on the domestic cobalt price has increased. In the future, the new energy vehicle market is still optimistic, the demand growth of cobalt market is still expected, and the market volatility of cobalt market is expected to stabilize.