The domestic cobalt price fell in shock

According to the data monitoring of the business community, as of October 24, the average domestic cobalt price was 352300 yuan/ton, down 1.78% from 358700 yuan/ton on October 12; The cobalt price increased by 1.73% from 346300 yuan/ton on October 1 at the beginning of the month. In October, the cobalt price rose first and then fell. After the festival, enterprises replenished their stocks. The demand for cobalt recovered briefly, and the cobalt price rose slightly. After the replenishment, the domestic cobalt price began to fall due to the decline of the international cobalt price.

Trend Chart of MB Cobalt Price in October

It can be seen from the MB cobalt price trend chart that the MB cobalt price in October failed to continue the rise in September. Although the MB alloy cobalt price rose slightly, the standard cobalt price fell sharply. As of October 21, the average price of standard cobalt was 25.775 dollars/pound, down 0.325 dollars/pound from the standard cobalt price of 26.1 dollars/pound at the beginning of the month; The international cobalt market fell, the domestic cobalt market was negative, and the rising support of the cobalt market was weakened.

Future outlook

Bai Jiaxin, a data analyst from the business community, believes that in October, the supply and demand of the domestic cobalt market were limited, and the supply and demand of the cobalt market were relatively balanced. The rise of the cobalt price supported the limited downward pressure. The cobalt price was relatively stable, but the international cobalt price fell, which was bad for the domestic cobalt market. In the future, due to the negative impact of the international market, the upward momentum of the domestic cobalt market has weakened. It is expected that the cobalt price in the future will stabilize or fall back slightly.