Cobalt price fell sharply in May
According to the monitoring data of the business club, the cobalt market fell sharply in May, and the cobalt price fell sharply. As of May 31, the average price of cobalt was 449400 yuan / ton, down 16.78% from 540000 yuan / ton on May 1. The demand of cobalt market fell significantly, and the cobalt price fell sharply in May.
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Sales of new energy vehicles fell month on month
According to the data released by China Automobile Industry Association, new energy vehicles are one of the few bright colors in the automobile industry in April. In April, the production and sales of new energy vehicles reached 312000 and 299000 respectively, down 33.0% and 38.3% month on month, with a year-on-year increase of 43.9% and 44.6%. Although the production and sales continued to maintain rapid growth year-on-year, they decreased month on month, and the year-on-year growth slowed down. The demand of the cobalt market fell, and the pressure on the cobalt market increased.
Decline in ternary battery output
In April, China’s ternary battery output was 12.6gwh, a month on month decrease of 27% and a year-on-year increase of 55%; In April, China recovered 19421 tons of used lithium batteries, a month on month increase of 1.2% and a year-on-year increase of 31%. In May, the market demand for cobalt salt, ternary and lithium cobaltate was low, mainly for purchasing, and the inventory of downstream enterprises was low, so the demand for cobalt was low. The output of ternary batteries decreased, the recycling of waste batteries increased, the demand of cobalt market declined, and the supply rose. The overall momentum of cobalt market rose weaker, and the downward pressure increased.
Mobile phone sales fell sharply
According to the data released by the Ministry of industry and information technology, from January to April, the output of mobile phones among the main products was 480million, a year-on-year decrease of 1.3%; The output of microcomputer equipment was 140million units, a year-on-year decrease of 2.8%. According to customs statistics, from January to April, China exported 59.97 million laptops, a year-on-year decrease of 15.9%; 270Million mobile phones were exported, a year-on-year decrease of 14.2%. The output and export of electronic products both fell sharply, the demand of cobalt market fell, and the pressure of cobalt price decline increased.
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Decline in international cobalt price
It can be seen from the trend chart of LME cobalt price that the LME cobalt price fell sharply in May, the international cobalt price fell, the cobalt market fell, dragging down the domestic cobalt market, increasing the negative impact on the domestic cobalt market, and increasing the downward pressure on the domestic cobalt price.
Market Overview
Baijiaxin, a data analyst at the business agency, believes that the sales of new energy vehicles and mobile phones have both declined, the demand for cobalt has declined significantly, the cobalt market has declined across the board, the price of cobalt salt has fallen sharply, and the international price of cobalt has fallen sharply; On the supply side, the battery recycling market is advancing slowly, and the supply of cobalt market has increased. Generally speaking, under the background of obvious decline in cobalt market demand and relatively stable supply, the downward pressure on cobalt price has increased and the upward momentum is insufficient. With the steady progress of resumption of work and production, the future cobalt market demand is expected to grow slowly, but the short-term recovery speed of cobalt market demand may be difficult to meet expectations, and the downward pressure on cobalt price still exists. In the long run, new energy vehicles have become the largest end consumer of cobalt. With the growth of new energy vehicle sales, The steady growth of cobalt market demand is inevitable. Cobalt prices are still supported by high prices. There is limited room for future cobalt prices to fall. Future cobalt prices may stop falling and recover.
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