Cobalt prices fluctuated and fell this week
| gamma polyglutamic acid agriculture grade |
According to the Commodity Market Analysis System of the Business Society, as of September 15th, the cobalt price was 252600 yuan/ton, a decrease of 0.94% compared to the cobalt price of 255000 yuan/ton on September 8th; The cobalt price increased by 0.88% compared to 250400 yuan/ton on September 1st. The supply of electrolytic cobalt is stable, and downstream demand for magnetic materials and high-temperature alloys is weak or even weakening. The growth of new energy vehicles is less than expected, and the demand for cobalt in the market is poor. International cobalt prices continue to decline, and cobalt prices have fluctuated and fallen this week.
International cobalt price decline
From the trend chart of MB cobalt prices, it can be seen that in September, MB cobalt prices continued their decline in August, experiencing a significant fluctuation and decline. International cobalt prices fell, which was negative for the domestic cobalt market and increased pressure on domestic cobalt prices to decline.
Stable supply and poor demand in cobalt market
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From the supply side perspective, the production of the smelting plant has maintained growth this week. Although the increase is mainly for preparation for delivery and storage, there is a large inventory in the trading sector, and the spot supply in the cobalt market is relatively stable. From the demand side, the demand for downstream magnetic materials and high-temperature alloys is weak or even weakening, and the short-term supply and demand relationship is still slightly surplus. The demand for new energy vehicles and mobile phones has rebounded less than expected, with poor demand for cobalt prices.
Overview and outlook
According to Bai Jiaxin, a data analyst at Business Society, international cobalt prices continued to decline in September, while the international cobalt market remained weak. The domestic cobalt market still has a slight oversupply of supply and demand, and the sustained rise in cobalt prices lacks support. Overall, the stable supply and demand in the cobalt market are less than expected, with insufficient support for the rise of cobalt prices. The cobalt price has hit a bottom of 250000 yuan, and there is limited room for the decline of cobalt prices. In the future, cobalt prices are expected to fluctuate and consolidate widely.
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