China imported 9,100 mt (Co content) of cobalt raw materials in December 2020, up 2% from November, but down 9% from a year ago, customs data showed. Imports totalled 90,000 mt (Co content) in 2020, basically the same as the previous year. 

China's new energy vehicle market demand has grown rapidly, leading to stronger demand for ternary and iron-lithium materials. The global supply of nickel and cobalt raw materials is tightening, and the increase in downstream demand will support the rise of lithium prices in 2021.

South Africa has tightened its COVID-19 prevention measures imposing Level III lockdowns as the pandemic has worsened, triggering concerns about supply of cobalt raw materials.

China imported 1.83 million mt of copper ore and concentrate (hereinafter referred to as copper concentrate) in November 2020, a month-on-month increase of 8.3% and a year-on-year decrease of 15%, according to China Customs.

Automobile sales have shown a gradual recovery trend since April. China automobile production and sales have achieved year-on-year growth for eight consecutive months as of November.

Overall supply of copper under long-term contracts for next year has declined compared with last year, and the proportion of orders adopting floating pricing has increased significantly.

China's new energy vehicle market demand has grown rapidly, leading to stronger demand for ternary and iron-lithium materials. The global supply of nickel and cobalt raw materials is tightening, and the increase in downstream demand will support the rise of lithium prices in 2021, said SMM’s senior cobalt-lithium analyst Miranda Mei.

China’s lithium carbonate imports and the average import price both increased in October, customs data showed. 

China's refined nickel imports totalled 8,414 mt in October, down 37.65% on the month and 29.09% on the year. The import of unwrought unalloyed nickel with the Ni and Co total content over 99.99% and Co content less than 0.005% dropped 93 mt from September to 762 mt. The imports of other unwrought unalloyed nickel dropped 4,157 mt to 7,652 mt on the month, accounting for 90.94% of the total import. China's import of refined nickel from January to October cumulated 106,000 mt, down 37.98% on the year.

The stainless steel market remained stable with scarce transactions. The basic quotations of #304 cold rolled coils were between 12,900-13,400 yuan/mt. According to the survey from traders, due to the tight spot supply from Hongwang, some agents had suspended selling coils, and they are reserving the supply for later sale of plates.