Domestic cobalt prices picked up this week

According to the data monitoring of business agency, the domestic cobalt price fell first and then rose this week, and the cobalt Market resumed its upward trend. As of September 13, the cobalt price was 379666.66 yuan / ton, up from 375666.66 yuan / ton on September 6, the beginning of last week, and the cobalt price increased by 1.06%; Compared with the cobalt price of 369000.00 yuan / ton on September 1, it increased by 2.89%.

Monthly sales of new energy vehicles increased significantly

According to the latest data released by China Automobile Association, in August, the production and sales of new energy vehicles were 309000 and 321000 respectively, an increase of 1.8 times year-on-year. In August, the production and sales of new energy continued to set a new record. In August, the penetration rate of new energy vehicles has increased to 17.8%, and the penetration rate of new energy passenger vehicles is close to 20%. The production and sales of new energy vehicles have doubled, the market of new energy vehicles has risen, the penetration of new energy vehicles has accelerated, the new energy vehicle industry has taken off, and the future demand of cobalt market has risen sharply.

According to the data released by China automotive power battery industry innovation alliance, in terms of output, in August 2021, the output of ternary battery was 8.4gwh, accounting for 42.9% of the total output, with a year-on-year increase of 91.5% and a month on month increase of 4.8%; The output of lithium iron phosphate battery was 11.1gwh, accounting for 56.9% of the total output, with a year-on-year increase of 268.2% and a month on month increase of 18.8%. In terms of loading volume, in August 2021, a total of 5.3gwh of ternary batteries were loaded, with a year-on-year increase of 51.9% and a month on month decrease of 2.1%; Lithium iron phosphate batteries were loaded with a total of 7.2gwh, a year-on-year increase of 361.8% and a month on month increase of 24.4%. The output of ternary battery rises slowly, the demand for cobalt rises, the installed capacity of ternary battery declines month on month, the demand growth of cobalt market is slow, and the room for cobalt price rise is limited.

International cobalt prices resume rising

As can be seen from the data released by LME market, LME cobalt price resumed rising this week, the international cobalt market recovered, and the rising power of domestic cobalt market increased.

According to the data released by Experian, from January to July 2021, the registration of zero emission vehicles in the United States rose to 255393 from 119628 in the same period last year. The registered volume of electric vehicles accounted for 2.6% of the total registered volume, higher than 1.6% in the same period last year. The registration of electric vehicles in the United States has more than doubled, the sales of electric vehicles have doubled, and the demand of cobalt market has increased.

Market Overview

Bai Jiaxin, a data analyst at the business agency, believes that from the sales data of new energy vehicles, it can be seen that the production and sales of domestic new energy vehicles doubled year-on-year in August, and also rose sharply month on month. New energy vehicles have entered the outbreak period. The registration of electric vehicles in the United States doubled from January to July, and electric vehicles have become the first choice for more and more people to buy cars. The rise in the production and sales of electric vehicles stimulated the rise of cobalt market. However, the installed capacity of ternary batteries declined, the growth of cobalt demand was insufficient, and the room for cobalt price rise was limited. It is expected that the shock of cobalt price will stabilize in the future.