This week, domestic cobalt prices followed suit
According to the cobalt market analysis system of Business Society, the cobalt price on April 23 was 219500 yuan/ton, a decrease of 1.75% compared to the cobalt price of 223400 yuan/ton on April 15; The cobalt price has dropped by 2.01% compared to 224000 yuan/ton on April 1st. The proportion of installed capacity of ternary batteries has decreased, and the demand for cobalt in the market is less favorable than expected. International cobalt prices have fallen, and domestic cobalt prices have fallen again this week.
According to the cobalt market analysis system of Business Society, cobalt prices have continued to decline recently, and this week the decline in cobalt prices has accelerated, with the weekly decline in cobalt prices reaching the largest decline in 24 years.
The proportion of installed capacity of ternary batteries has decreased
According to data released by the China Automotive Power Battery Industry Innovation Alliance, in terms of vehicle installation volume, in March, the installed volume of ternary batteries was 11.3GWh, accounting for 32.4% of the total installed volume, a year-on-year increase of 29.7% and a month on month increase of 62.9%; From January to March, the cumulative installed capacity of ternary batteries was 30.9Wh, accounting for 36.2% of the total installed capacity, with a year-on-year increase of 47.8%. The installed capacity of ternary batteries increased on a month on month basis, but the proportion of installed capacity of ternary batteries decreased. The demand for cobalt in ternary batteries grew less than expected, which is bearish for the cobalt market.
International cobalt price decline
According to the cobalt price trend chart of the London futures trading market, it can be seen that cobalt prices have been weakly consolidating since mid March, and cobalt prices have fallen this week. The decline in international cobalt prices is bearish for the domestic cobalt market.
Overview and Outlook
According to Bai Jiaxin, an analyst at Business Society, the proportion of installed capacity of ternary batteries has decreased, and the demand for cobalt in the market has not increased as expected. The international cobalt price has fallen, which is negative for the domestic cobalt market. It is expected that cobalt prices will consolidate weakly at a low level in the future.
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