After the holiday, the high price of cobalt has fallen back

According to the cobalt market analysis system of the Business Society, as of January 8th, the cobalt price was 220600 yuan/ton, a decrease of 0.14% from the cobalt price of 220900 yuan/ton on January 1st; Compared to January 2nd, the cobalt price dropped by 0.32% to 221300 yuan/ton. After the holiday, cobalt prices did not continue their upward trend in December, and transportation in the cobalt market in the Democratic Republic of Congo resumed. However, cobalt prices slightly declined from their high levels after the year.

Weak demand side in cobalt market

Affected by factors such as severe weather and earthquakes in the north, the national consumption level is also in the recovery stage. The holiday travel rate has increased, and aviation consumption has increased compared to the previous period. The demand for cobalt in the alloy industry has increased, but the actual increase is not good. The rush to install the new energy vehicle industry chain in the fourth quarter has ended, and the first quarter is the traditional off-season. The export volume of precursor and positive electrode materials has fallen, and some battery factories have entered production reduction plans. The sentiment of raw material stocking before the Spring Festival is sluggish.

Recovery of cobalt supply in the Democratic Republic of Congo

The preliminary vote count released by the National Independent Election Commission of the Democratic Republic of Congo on December 31, 2023 shows that the current President, Zisekdi, has won the new election. With the end of the general election, transportation in the Democratic Republic of Congo gradually resumed, and the supply of cobalt in the city resumed.

Overview and Outlook

Business Society data analyst Bai Jiaxin believes that before the Spring Festival, the demand for cobalt in the market was weak, and the supply of cobalt in the Democratic Republic of Congo (DRC) recovered. Overall, the cobalt market has strong supply and weak demand, and the support for cobalt price increases is insufficient. Cobalt prices have stopped rising and fallen back. Expect a slight decline in cobalt prices in the future.