Cobalt price stopped falling and rebounded this week

According to the monitoring data of the business club, the cobalt market rebounded and adjusted this week, and the cobalt price stopped falling and rebounded. As of June 13, the cobalt price was 433700 yuan / ton, up 0.56% from 431300 yuan / ton on June 6 at the beginning of the week; Compared with the cobalt price of 445500 yuan / ton on June 1, it fell by 2.65%. This week, the cobalt price stopped falling and rebounded, and the cobalt market recovered.

Sales volume of new energy vehicles recovered

According to the data released by China Automobile Industry Association, the production and sales of domestic new energy vehicles in May were 466000 and 447000 respectively, with a month on month growth of 49.5% and 49.6% and a year-on-year growth of 1.1 times. From January to may, the production and sales of domestic new energy vehicles reached 2.071 million and 2.003 million respectively, an increase of 1.1 times year-on-year. The production and sales of new energy vehicles rose sharply on a month on month basis, the new energy vehicle market recovered, the demand of cobalt market recovered, the downward pressure of cobalt Market weakened, and the upward momentum increased.

Increase in ternary battery output

In terms of output, in May, China’s power battery output totaled 35.6gwh, up 157.9% year-on-year and 22.8% month on month. Among them, the output of ternary battery was 16.3gwh, accounting for 45.8% of the total output, with a year-on-year increase of 225.7% and a month on month increase of 58.2%; The output of lithium iron phosphate battery was 19.2gwh, accounting for 54.1% of the total output, with a year-on-year increase of 119.4% and a month on month increase of 3.3%. In terms of loading volume, China’s power battery loading volume reached 18.6gwh in May, with a year-on-year increase of 90.3% and a month on month increase of 39.9%. Among them, the loading volume of ternary batteries was 8.3gwh, accounting for 44.7% of the total, with a year-on-year increase of 59.0% and a month on month increase of 90.3%; The loading capacity of lithium iron phosphate battery was 10.2gwh, accounting for 55.1% of the total, with a year-on-year increase of 126.5% and a month on month increase of 15.1%. At present, lithium iron phosphate still leads the ternary battery in terms of output and loading volume, but the ternary battery has narrowed the gap with the market share of lithium iron phosphate in April. As more high-end consumer brands enter the new energy vehicle market, the utilization rate of ternary batteries will be improved. In addition, many plug-in hybrid and incremental models will also choose ternary batteries with higher energy density, which will help the growth of ternary battery output and loading volume. The output of ternary battery increases, the demand of cobalt market increases, and the momentum of cobalt market increases.

Market Overview

Baijiaxin, a data analyst of the business agency, believes that in May, the production and sales of the new energy automobile industry chain rose, the installed capacity and proportion of ternary batteries rose, the demand of the cobalt market recovered, and the upward momentum of cobalt prices increased and the downward pressure weakened. However, the international cobalt price has continued to fall sharply, the supply of cobalt raw materials has risen steadily, the current situation of supply exceeding demand in the cobalt market has not fundamentally changed, and the space for cobalt price rise is limited. Generally speaking, the demand of the cobalt market has warmed up, the decline of the cobalt price has been blocked, the oversupply of the cobalt market has not fundamentally changed, and the space for the rise of the cobalt price is limited. It is expected that the cobalt price will fluctuate strongly and stabilize in the future.