Cobalt prices have slightly declined this week
According to the cobalt market analysis system of the Business Society, as of October 26th, the cobalt price was 268800 yuan/ton, a decrease of 1.18% compared to October 20th, when the cobalt price was 272000 yuan/ton. The news of cobalt storage has stimulated the rise of cobalt prices, but the growth of new energy vehicle consumption has slowed down, and cobalt market demand is less than expected. This week, cobalt prices have slightly declined.
Slow growth in demand for new energy vehicles
LG New Energy released its third quarter financial report, with revenue increasing by 7.5% year-on-year. However, due to slowing demand in Europe, automakers adjusting production, and falling metal prices, sales in the quarter decreased by 6% month on month. Following Musk’s concerns that high interest rates may affect sales, power battery giant LG New Energy has also raised concerns that sales of electric vehicles are expected to slow down. An increasing number of automakers, including Tesla, General Motors, and Ford, are cautious about the demand for electric vehicles, fearing that high interest rates will increase financing costs and that slowing growth in major global economies may also hit car demand. The slowdown in demand for new energy vehicles has come faster than expected, especially in the high-end electric vehicle market. The expected slowdown in demand in the cobalt market has weakened the support for cobalt price increases, and cobalt prices have slightly declined.
Overview and outlook
According to Bai Jiaxin, a data analyst at Business Society, the national harvest and storage news has stimulated a brief increase in demand in the cobalt market, and domestic cobalt prices have rebounded and increased. However, the growth of new energy vehicle sales has slowed down, and the demand growth in the cobalt market is less than expected, resulting in a slight decline in cobalt prices. Overall, the stable supply and demand in the cobalt market are lower than expected, and the expected volatility and consolidation of cobalt prices in the future.
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