Cobalt prices have fluctuated and weakened this week

According to the cobalt market analysis system of Business Society, as of January 15th, the cobalt price was 218800 yuan/ton, a decrease of 0.82% from January 8th cobalt price of 220600 yuan/ton, and a decrease of 0.95% from January 1st cobalt price of 220900 yuan/ton. This week, cobalt prices continued to decline, and the weak trend in the cobalt market remained unchanged.

Weak demand side in cobalt market

New energy vehicles still maintain a prosperous situation, with a year-on-year increase in production and sales. However, the first quarter is in the traditional off-season, and the release of production capacity by battery material factories has slowed down. The demand for cobalt has further decreased. Before the Spring Festival, the stocking sentiment of battery manufacturers for raw materials is sluggish, and the demand for cobalt in the market is weak.

Adequate supply of cobalt in the market

As the Spring Festival approaches, under the expectation of poor demand, the shipping pressure on holders is gradually being released, and production enthusiasm is being suppressed. However, most manufacturers still maintain normal production, and the pattern of cobalt oversupply remains unchanged. Overall, there is sufficient spot circulation.

Overview and Outlook

According to Bai Jiaxin, a data analyst at Business Society, as the Spring Festival approaches, the supply of cobalt in the domestic market has both weakened. However, the oversupply pattern in the cobalt market has not changed, and the weak demand trend is relatively large. Overall, the cobalt market remains strong in supply and weak in demand, and it is expected that cobalt prices will fluctuate and weaken in the future.