Cobalt prices have slightly fluctuated and weakened this week

According to the cobalt market analysis system of Business Society, as of January 26th, the cobalt price was 218300 yuan/ton, a decrease of 0.09% from January 19th cobalt price of 218500 yuan/ton, and a decrease of 1.18% from January 1st cobalt price of 220900 yuan/ton. This week, cobalt prices continued to decline, and the weak trend in the cobalt market remains.

MB Cobalt Price Stabilizes

From the trend chart of MB cobalt prices, it can be seen that cobalt prices remained relatively stable in January, with alloy grade cobalt prices slightly rebounding and standard grade cobalt prices slightly falling. The overall cobalt price trend is stabilizing, and there is insufficient positive impact on domestic cobalt prices.

The import volume of cobalt raw materials has significantly increased

According to data released by the General Administration of Customs, the import volume of cobalt raw materials in December was 1.57 metal tons, and the cumulative import volume in 2023 was 11.95 metal tons. The import volume of cobalt raw materials has significantly increased, the supply of cobalt in the market has increased, the demand for cobalt in the market has temporarily stabilized, and the pressure on cobalt prices to decline has increased.

Overview and Outlook

According to Bai Jiaxin, a data analyst at Business Society, the oversupply of cobalt in the market has intensified, increasing pressure on the decline of cobalt prices. However, the downward space for cobalt prices is limited, and international cobalt prices are consolidating at a low level. The domestic cobalt market is still bearish, and it is expected that cobalt prices will consolidate at a low level in the future.