Cobalt prices fluctuate and fall after the holiday

Cobalt prices fluctuate and fall after the holiday

According to the cobalt market analysis system of Business Society, on February 20th, the cobalt price was 216800 yuan/ton, a decrease of 0.32% compared to February 1st’s cobalt price of 217500 yuan/ton; Compared to February 9th, the cobalt price of 217200 yuan/ton decreased by 0.18%. The resumption of work and production after the holiday is not satisfactory, and the demand for cobalt in the market is weak. The price of cobalt continues to decline after the holiday, and the price of cobalt fluctuates and falls.

The resumption of work and production is not satisfactory, and the demand for cobalt in the market remains weak

After the festival, the downstream resumed work, and the logistics has not yet fully recovered. Some enterprises plan to resume production after Yuanxiao (Filled round balls made of glutinous rice-flour for Lantern Festival). Currently, most of them stop production for maintenance. Downstream stocking before the holiday, inventory still exists, downstream customer restocking is limited after the holiday, and actual transactions in the spot market are scarce.

The traditional off-season for new energy vehicles has not seen a recovery in high economic development after the holiday season. The production of battery factories and upstream raw material manufacturers has increased, and there is still uncertainty in cobalt demand. Consumer electronics remain weak, and corporate procurement enthusiasm is insufficient. The demand for cobalt in the market is cold.

Overview and Outlook

Business Society data analyst Bai Jiaxin believes that the resumption of work and production after the holiday is not good, and the demand for cobalt in the market is still cold, while the supply in the cobalt market is sufficient. Overall, the oversupply and weak demand in the cobalt market are expected to lead to a weak consolidation of cobalt prices in the future.