According to the data monitoring of SunSirs, as of September 26, the cobalt price was 347,000 RMB/ton, an increase of 1,400 RMB/ton, or 0.41% from the cobalt price of 345,600 RMB/ton on September 18; and the price fell by 1.00 % compared with the cobalt price on September 1. Cobalt prices fluctuated up slightly this week.
Analysis review
From the MB cobalt price chart, it can be seen that the MB cobalt price fluctuated up slightly this week, but the growth slowed down, and the MB cobalt price declined briefly this week, the international cobalt market rose slowly, and the support for the rise of domestic cobalt market weakened.
According to data released by the General Administration of Customs, China's total imports of cobalt raw materials in August 2022 totaled 11,000 tons of metal, a year-on-year increase of 66%. From January to August 2022, China's total import of cobalt raw materials was 66,700 tons of metal tons. The import volume of cobalt raw materials increased, the cobalt market supply increased, and the cobalt market's upward momentum weakened.
Market outlook
According to data analysts of SunSirs, the growth of MB cobalt prices slowed this week, and the domestic cobalt market weakened its support for rising; the import of cobalt raw materials increased, but it had not fundamentally changed the balance of supply and demand in the domestic cobalt market. In the future, the supply and demand in the cobalt market are relatively balanced, but the demand in the cobalt market is relatively flat. The upward momentum of cobalt prices still exists, and the downward pressure is relatively large. It is expected that the cobalt price will fluctuate weakly and stabilize in the future.
