Cobalt Sulfate Market Plunges to Historic Low Amid Industry Downturn and Cost Reduction Pressures

Published: Jul 14, 2024 16:51

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[SMM Analysis: "Cobalt Grandma" No Longer in Vogue? Continuous Decline Hits a Historical Low - Cobalt Sulfate Semi-Annual Review] 2024 has been a challenging year for the new energy industry, starting with the price war among automobile manufacturers since the beginning of the year, which has destined for an extraordinary year. For the cobalt market, it has also ushered in a dark period. Due to the impact of the terminal price war, the industrial chain has taken cost reduction as its primary goal. With the continuous release of cobalt resources, the market expects an oversupply of raw materials, continuously squeezing the profits of the cobalt smelting segment, leading to a continuous decline in cobalt sulfate prices. It has fallen from the peak of 140,000 yuan/ton to the current 29,000 yuan/ton, indicating that it is no longer as prosperous as before.

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