The international cobalt market is a drag on the recovery of the domestic cobalt market. It is difficult to change the weakness of the future cobalt market. It is expected that the weakness of the short-term cobalt market will be temporarily stable. However, in the long run, the rising power of the cobalt market is greater, and the long-term cobalt market will rise slightly.
According to the data monitoring, the domestic cobalt market fluctuated and adjusted in March, and the overall cobalt price fell sharply. As of March 30, the price of cobalt was 355333.34 Yuan / ton, down 10.79% compared with 398333.34 Yuan / ton at the beginning of the month (March 1). In March, the price of cobalt rose slightly for many times, but then declined even more. The reason is that the sharp drop of international cobalt price is absolutely an important factor for the weakness of domestic cobalt market.
It can be seen from the trend chart of LME market cobalt price that, in addition to the short rise at the beginning of March, the LME cobalt price continued to decline steadily. At the end of March, the cobalt price plunged, the international cobalt price plummeted, which dragged down the domestic cobalt market. The domestic cobalt market was weak, and the cobalt price rose weakly.
According to the statistics of MB cobalt price, MB cobalt price rose slightly in the first ten days of March, which supported the domestic cobalt market to a certain extent. However, after that, the cobalt price weakened sharply, showing a sharp drop trend since March 11. On March 29, MB cobalt price fell by more than $2 / pound compared with the cobalt price at the beginning of the month. The international cobalt price plummeted, and the domestic cobalt market lost its support.
Data analysts believe that the weakening of the international cobalt Market and the sharp drop of the international cobalt price have hindered the recovery of the domestic cobalt market, but the future trend of the cobalt market still depends on the supply and demand in the future. On the supply side, the output of cobalt in DRC increased year-on-year, while the import of domestic cobalt increased significantly, and the supply of cobalt market was sufficient. On the demand side, both the mobile phone market and the new energy vehicle market had a good development trend, and the overall demand was bullish. However, the global "core shortage crisis" led to the far less than expected installation of new energy vehicles. With the continuous fermentation of the tight production capacity of chip manufacturers, the demand of new energy vehicles was increasing, In the mobile phone, monitoring, PC, home appliances and game machines industries, almost all electronic products using chips in the world are more or less affected by the shortage of chips. The downstream industry chain is affected by the core shortage crisis, the output is lower than expected and has a certain degree of decline, and the demand of cobalt market is declining. To sum up, the oversupply of global cobalt market is the main reason for the recent sharp drop of cobalt market, and also the main factor leading to the slow recovery of domestic cobalt market. The international cobalt market is a drag on the recovery of the domestic cobalt market. It is difficult to change the weakness of the future cobalt market. It is expected that the weakness of the short-term cobalt market will be temporarily stable. However, in the long run, the rising power of the cobalt market is greater, and the long-term cobalt market will rise slightly.
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