Domestic cobalt prices fell in April

 

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According to the cobalt market analysis system of Business Society, the cobalt price on April 30th was 213100 yuan/ton, a decrease of 4.87% compared to the cobalt price of 224000 yuan/ton on April 1st. The cobalt market performance in April was weak, with cobalt prices fluctuating and falling.

 

According to the cobalt market analysis system of Business Society, the cobalt market performance did not fall short of expectations. The cobalt price increase in March was not sustainable, and the cobalt price slightly declined in April.

 

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 in the LME market fell in mid April. The decline in international cobalt prices is bearish for the domestic cobalt market.

 

According to the trend chart of MB cobalt prices, it can be seen that there was insufficient support for the rise of MB cobalt prices in April, and cobalt prices fluctuated and fell in the middle and late stages. The decline in international cobalt prices is bearish for the domestic cobalt market.

 

The import volume of cobalt raw materials has increased significantly

 

According to data from the General Administration of Customs, the total import volume of cobalt raw materials in March was 48660 tons, equivalent to 14726 metal tons of cobalt. The import volume of cobalt raw materials in March increased by 8.39% month on month. The import volume of cobalt raw materials increased significantly from January to March, and coupled with stable sea transportation in South Africa, the cobalt market continued to experience oversupply.

 

Overview and Outlook

 

According to data analysts from 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. In addition, the import volume of cobalt raw materials has increased significantly, leading to a decrease in the supply and demand of cobalt in the market; In the international market, the fluctuation and decline of international cobalt prices have a negative impact on the domestic cobalt market. Expected cobalt prices to fluctuate and fall in the future.

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