First, the price trend

According to business community data monitoring, this week, the price of cobalt fluctuated and fell by 2.16%. As of August 12, the average price of cobalt was 483333.34 yuan / ton, compared with the average price of cobalt at 494000.00 yuan / ton last weekend, the price of cobalt fell 10666.66 yuan / ton, down 2.16%, up 17.22% over the same period last year.

Second, the market analysis

Product aspect

This week, the average price of domestic metal cobalt market fell. The price of cobalt sheet (content ≥99.8%) of Wuxi Stainless Steel Trading Center fell. As of August 10, the price of cobalt was 475000-512000 yuan/ton, which was 483,000-516,000 yuan/ton from last weekend, and the price dropped by 6,000 yuan/ton. The spot cobalt price in the London LEM market fell first and then rose from last week’s 63,500-64,000 US dollars / ton to 54500-55,000 US dollars / ton, and then rose to 61,500-62,000 US dollars / ton. Overall, the cobalt market fluctuated and fell this week. The international cobalt price has rebounded, but it still cannot change the downward trend. The short-term rise does not indicate that the cobalt market is picking up, nor can it prove that the cobalt price has rebounded.

Data statistics

According to the statistics of the China Association of Automobile Manufacturers, the data shows that in July, the production and sales of new energy vehicles were completed 90,000 and 84,000 respectively, an increase of 53.6% and 47.7% over the same period of the previous year. From January to July, the production and sales of new energy vehicles were 504,000 and 496,000, respectively, an increase of 85% and 97.1% over the same period of the previous year. The output of new energy vehicles in July increased compared with that in June, but the sales volume was basically maintained. The performance of new energy vehicles is still strong, but the growth rate has slowed down compared with the previous period. The slowdown in the growth rate of new energy vehicles has caused the market to lower the demand for cobalt. The cobalt market will bear a lot of pressure to sell cobalt, which will affect the rise of cobalt prices.

Third, the outlook outlook

This week, the cobalt market fluctuated and fell. Baijiaxin, a data analyst at the business community, believes that the new energy vehicles performed well in July, which guaranteed the basic demand of the cobalt market, but the growth rate of new energy vehicles began to slow down, limiting the strength and speed of the rebound of cobalt prices. The political risks of the Democratic Republic of Congo will affect the supply of cobalt in the future, and this impact will occur in the next two months. It is predicted that the price of cobalt will be adjusted in the future, and the price of cobalt will still fall in the short term. However, in the future, we should pay attention to the political dynamics of Congo, and there may be a short-term rise in cobalt prices before and after the election.