Cobalt prices rebounded and rose after the holiday
| Chitosan oligosaccharide |
According to the cobalt market analysis system of the Business Society, as of October 12th, the cobalt price was 255900 yuan/ton, an increase of 0.35% compared to the cobalt price of 255000 yuan/ton on October 1st. In October, the international cobalt price continued to rise, and the domestic cobalt market was positive. After the holiday, the domestic cobalt price slightly increased.
MB Cobalt Price Rising in October
From the trend chart of MB cobalt price, it can be seen that in September, MB cobalt price stopped falling and rebounded, while in October, cobalt price continued its upward trend in September and slightly increased. The international cobalt market is favorable, which is beneficial for the domestic cobalt market.
Rising sales of new energy vehicles
| Gamma-PGA (gamma polyglutamic acid) |
According to data from the China Association of Automobile Manufacturers, in September 2023, the production and sales of new energy vehicles in China reached 879000 and 904000, respectively, with year-on-year growth of 16.1% and 27.7%, and a market share of 31.6%. From January to September, the production and sales of new energy vehicles reached 6.313 million and 6.278 million, respectively, with year-on-year growth of 33.7% and 37.5%, and a market share of 29.8%. According to data released by the China Passenger Car Association, the domestic passenger car market produced 2.453 million vehicles in September, an increase of 2.3% year-on-year and 8.7% month on month. The cumulative production from January to September was 17.95 million vehicles, an increase of 4.8% year-on-year. The production and sales of new energy vehicles have increased year-on-year, but the growth rate has slowed down. The demand for cobalt in the market has increased, but the growth rate may not meet expectations.
Overview and outlook
According to Bai Jiaxin, a data analyst at Business Society, the production and sales of new energy vehicles have grown, but the growth rate may not meet expectations. International cobalt prices have slightly increased, and the domestic cobalt market is positive. Overall, the supply and demand in the cobalt market have increased, and the rise in international cobalt prices has stimulated domestic cobalt exports. The supply and demand in the cobalt market are relatively balanced, and the cobalt price is expected to fluctuate and consolidate in the future.
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