Cobalt prices picked up and rose this week

Cobalt prices picked up and rose this week

According to the data monitoring of the business agency, the cobalt market picked up this week and the cobalt price rose. As of April 24, the average price of cobalt was 555000 yuan / ton, up 0.51% from 552200 yuan / ton on April 18 at the beginning of the week. The supply and demand of cobalt market were both weak, the cobalt market recovered, and the cobalt price rose slightly.

Tesla resumption of work and rising demand in cobalt City

On April 19, Tesla Shanghai Super factory officially resumed production. According to Tesla, many Tesla parts suppliers in Shanghai also began to return to work at the same time as Tesla’s return to work. With the mitigation of the epidemic situation in Shanghai, the demand of cobalt market rises, and the driving force for the rise of cobalt price in the future increases.

Market Overview

Baijiaxin, a data analyst of the business agency, believes that the cobalt price rose this week, Tesla officially resumed work, and customers in the industrial chain resumed work one after another, resulting in an increase in future demand for cobalt; The recent flood in South Africa has led to the shutdown of logistics, the obstruction of cobalt raw material transportation and the reduction of cobalt supply. Overall, the supply and demand of the cobalt market are both weak in the near future. The supply of the cobalt market is expected to decrease and the demand is expected to increase in the future. The cobalt market shows a trend of supply decreasing and demand increasing. The rising power of the cobalt market is large, and the cobalt price is expected to rise in the future.