company news about The weakening of international cobalt Market depressed domestic cobalt price

According to the business agency data monitoring: this week the cobalt price fell sharply, the cobalt Market weakened. As of November 19, the cobalt price was 2633333.34 Yuan / ton, down 1.56% from 267500.00 Yuan / ton at the beginning of the week (November 16).

Trend analysis

Cobalt market fell sharply this week. As of November 19, the cobalt price was 2633333.34 Yuan / ton, down 1.56% from 267500.00 Yuan / ton at the beginning of the week (November 16).

It can be seen from the LME cobalt price trend chart that the LME cobalt price fell sharply this week, and the international cobalt market declined, which was negative for the domestic cobalt market, and the downward pressure on domestic cobalt price increased.

New energy vehicle market in Europe

According to the data of the European Automobile Manufacturing Association (AECA), in October 2020, the registered number of new energy vehicles in major European countries (Germany, France, Britain and other eight countries) reached 119000, a year-on-year increase of + 202% and a slight decrease of 8% month on month. Norway, the United Kingdom, Italy and other countries in October had a significant decline in sales. The growth rate of new energy vehicle sales in Europe slowed down, the favorable support of European new energy vehicle market to the international cobalt market was weakened, and the domestic cobalt price was not driven enough.

Market Overview

This week, the price of cobalt in LME market fell, the price of international cobalt fell, the demand of global cobalt market was depressed, and the support of international cobalt market was insufficient. The weakening of the international cobalt Market dragged down the domestic cobalt market, and the domestic cobalt price fluctuated and fell.