Spot Price of Cobalt Lithium New Energy in SMM on May 7

Wolong Electric will provide new energy vehicle motors and spare parts for Xpeng Motors.

According to relevant reports, on March 26, the construction of phase II of Millison Modern Industrial Park, which mainly undertakes the production of super-large structural parts such as 5G communication body, new energy vehicle motor, power battery, electronic control system and body, was held in Dajiang Scientific Innovation City in Tianming District, Chongqing.

In the past 2021, China's new energy industry developed rapidly, and the demand for the new energy vehicle market was greatly increased. According to the record of 2021, the global cumulative sales of new energy passenger cars exceeded 6.31 million, more than 2.2 times that of 2020. China has accounted for 52% of the global shares of new energy vehicles, with 3.312 million vehicles sold, up 275% year-on-year. Meanwhile, the installed capacity of motive power lithium batteries reached 154.5GWh, up 143% year-on-year, in 2021.

This is a roundup of China's metals output in August 2021, from an exclusive survey of key producers by SMM analysts.

A weekly update on the trending stories from the New Energy sector. 

A weekly update on the trending stories from the New Energy sector.

Demand for copper has surged significantly in the past 20 years and is expected to rise further due to the surge in demand for electric vehicles, while global copper supply is likely to continue to shrink in the future, according to Paul Ward at Anglo American.

On November 2, the highly-anticipated Development Plan for the New Energy Vehicle Industry (2021-2035) was unveiled, which was not only a good news for the new energy vehicle (NEV) industry, but also a boost to cobalt demand.

Cobalt stockpiling will continue, supporting cobalt prices. Inventories of cobalt raw materials will not be high in the near term with the restocking demand ahead of the National Day holidays.

Prices of cobalt are expected to further retreat this week as the arrival of cheap cobalt raw materials impacts the domestic spot market and grow cobalt salt producers inclination to destock.