US strategic storage alloy cobalt, cobalt price sees continuous rise

Cobalt prices continue to rise

According to the Commodity Cobalt Market Analysis System of Shengyi Society, the cobalt price on September 10th was 270600 yuan/ton, a fluctuating increase of 3.20% compared to the cobalt price of 262200 yuan/ton on August 20th. The increase in overseas orders has led to an increase in demand for cobalt in the international market, resulting in fluctuating cobalt prices.
US Strategic Reserve Cobalt Alloy
The US Department of Defense and Defense Logistics Agency have released tender documents, planning to purchase approximately 7480 tons of alloy grade cobalt for strategic reserves over the next five years, with a maximum procurement amount of up to $500 million. Cobalt is a key raw material for manufacturing components such as batteries, high-temperature alloys for aircraft engines, and gas turbines, and the United States mainly relies on imports. And China is the main exporter of cobalt, which has increased support for the rise of the cobalt market.
MB Cobalt Price Trend
From the MB cobalt price trend chart, it can be seen that the MB cobalt price has continued to rise since late August. The rise in international cobalt prices is positive for the domestic cobalt market, and the driving force for the increase in domestic cobalt prices has increased.
Overview and Prospect
According to data analysts from Shengyi Society, the strategic reserve of cobalt alloy in the United States has led to an increase in demand for cobalt in the international market, an increase in overseas cobalt orders, and an increase in the driving force for cobalt price increases, resulting in a volatile rise in cobalt prices. Expected strong consolidation of cobalt prices in the future.