Cobalt prices fluctuated and rose this week

According to the cobalt market analysis system of the Business Society, as of October 20th, the cobalt price was 272000 yuan/ton, an increase of 5.55% compared to the cobalt price of 257700 yuan/ton on October 13th; The cobalt price has increased by 6.67% compared to 255000 yuan/ton on October 1st. Cobalt market demand is expected to rebound, with domestic cobalt prices fluctuating and rising this week.

Expected increase in cobalt market demand

According to the latest report from Canalys, in the third quarter of 2023, the global smartphone market only fell by 1%, and the downward trend has slowed down. Driven by regional recovery and demand for new product upgrades, the global smartphone market achieved double-digit month on month growth in the third quarter before the peak season. Smartphone sales have surged month on month, with the upcoming Double Eleven promotion. smartphone sales are expected to rise in the fourth quarter, and demand in the cobalt market is expected to rebound.

Overview and outlook

According to Bai Jiaxin, a data analyst at Business Society, the expected rebound in mobile phone sales and the expected rebound in demand in the cobalt market. In terms of supply, the supply of cobalt ore in the Democratic Republic of Congo is sufficient, but the export of cobalt ore is limited due to insufficient transportation capacity. Overall, the supply and demand in the cobalt market have increased, but the expected recovery of cobalt market supply is faster than the expected growth of supply. In the future, cobalt prices are expected to consolidate strongly.