Cobalt prices fluctuated and fell this week

According to the cobalt market analysis system of the Business Society, as of November 17, the cobalt price was 253900 yuan/ton, a decrease of 2.83% compared to the cobalt price of 261300 yuan/ton on November 10. The strike by truck drivers has ended, transportation of cobalt mines in the Democratic Republic of Congo has resumed, and supply in the cobalt market has returned to normal. Cobalt prices have fluctuated and fallen this week.

The strike in the Democratic Republic of Congo has ended, and the supply of cobalt in the city has resumed

Due to a dispute over dangerous wages, drivers stopped transporting cobalt metal mines from the Korwizi mining center at the end of October. Congo is the world’s largest producer of cobalt. Almost all raw materials are transported by truck from southeastern Congo through Zambia and ultimately to ports in South Africa, Tanzania, and Mozambique. The strike by truck drivers has affected cobalt mining transportation, and the overall impact of the strike is limited. However, at the end of the “Golden Nine Silver Ten” consumption, cobalt mining transportation has resumed, and the oversupply situation in the cobalt market has intensified. Cobalt prices have been stimulated and continue to decline.

Overview and outlook

According to Bai Jiaxin, a data analyst at Business Society, the strike by truck drivers has limited impact on the supply of cobalt in the market. However, at the end of the “Golden Nine Silver Ten” consumption, the consumption of new energy vehicles has weakened, and the demand confidence in the cobalt market has weakened significantly. The transportation of cobalt mines in Congo has resumed, and concerns about oversupply in the cobalt market have intensified, increasing the pressure on the decline of cobalt prices. In the future, the demand for cobalt remains weak and the supply slightly rebounds, and it is expected that cobalt prices will fluctuate and fall slightly in the future.