This week, cobalt prices fluctuated and rose

According to the data monitoring of business agency, the cobalt price fluctuated and rose this week. As of August 22, the cobalt price was 346400 yuan / ton, an increase of 4.12% over the cobalt price of 332700 yuan / ton on August 15 at the beginning of the week. Power supply in Sichuan was limited, and cobalt prices rose in a volatile manner this week.

Sichuan electricity restriction stimulates new energy heating

Affected by the increase of high-temperature power consumption and the shortage of hydropower generation due to drought, Sichuan Province has limited power supply in the near future. Recently, Sichuan Province announced that it would expand the scope of power supply for industrial enterprises, which was expected to last from August 15 to 20. On August 21, it was informed that the power limit time would be extended to August 25. The Sichuan battery factory of Ningde times was shut down due to power restriction, and the lithium salt enterprises in Sichuan were shut down due to the restriction. The production of Ningde battery factory is reduced, the supply of new energy batteries is reduced, and the production reduction of lithium salt enterprises stimulates the price of lithium salt to rise. In general, Sichuan’s power rationing has stimulated the warming of the new energy industry chain.

Market Overview

Bai Jiaxin, data analyst of business news agency, believes that the news of last week’s purchase and storage stimulated the cobalt price to fluctuate and rise. This week, the cobalt market is stable, but the high temperature and drought in Sichuan have filled a fire for the new energy market. Due to the limited movie, lithium battery enterprises stopped production, and many lithium salt manufacturers stopped production. Lithium salt prices and battery prices were stimulated to rise, and cobalt market was stimulated to rise. In the future, with the removal of the high temperature and the lifting of the power limitation, the start-up of enterprises is bound to resume, and the supply of new energy industry chain will return to normal. The support of the cobalt market rise cannot be sustained, and the cobalt market has limited room to rise. It is expected that the cobalt price will stabilize in the future.