Cobalt prices rebounded and rose in September

According to the Commodity Market Analysis System of Business Society, as of September 12th, the cobalt price was 254000 yuan/ton, an increase of 1.44% compared to September 1st, when the cobalt price was 250400 yuan/ton. In August, the production and sales of new energy vehicles increased month on month, and the demand for cobalt in the market slowly rebounded. In September, cobalt prices rebounded and rose.

Rising sales of new energy vehicles

According to data released by the China Association of Automobile Manufacturers, in August, China’s production and sales of new energy vehicles completed 843000 and 846000 units, respectively, with a month on month increase of 4.7% and 8.5%, a year-on-year increase of 22% and 27%, and a market share of 32.8%. According to the analysis of the national passenger car market in August released by the Passenger Car Association, the wholesale sales of new energy passenger cars reached 798000 units in August, a year-on-year increase of 25.6% and a month on month increase of 8.2%. The production, sales, and wholesale volume of new energy vehicles have both rebounded, and the market for new energy vehicles has rebounded. The demand for cobalt in the market is expected to rebound.

Rising sales of power batteries

According to data released by the China Automotive Power Battery Industry Innovation Alliance, in terms of production, the total production of power and energy storage batteries in China was 73.3 GWh in August, an increase of 7.4% month on month and 46.8% year on year. In terms of sales, the total sales of power and energy storage batteries in China in August were 65.0 GWh, an increase of 13.3% month on month. In terms of loading volume, China’s power battery loading volume in August was 34.9GWh, a year-on-year increase of 25.7% and a month on month increase of 8.2%. The production, sales, and installation volume of power batteries have both increased compared to the same period last month. The power battery industry in China continues to develop well, and the demand in the cobalt market is slowly recovering.

Overview and outlook

According to Bai Jiaxin, a data analyst at Business Society, the supply and demand in the cobalt market were weak in August, leading to a significant decline in cobalt prices. But as cobalt prices fall below the 250000 yuan mark, there is limited room for cobalt prices to fall. As the traditional peak season of gold, silver, and ten approaches, the production and sales of new energy vehicles have rebounded, and the demand for cobalt in the market has rebounded. In September, cobalt prices rebounded and rose. Overall, the supply of cobalt in the market is stable, and demand is expected to rebound. With cost support, cobalt prices are expected to fluctuate and consolidate in the future.

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