SHANGHAI, Oct 12 (SMM) –
In September, the production of cobalt sulphate in China was 6,723 mt in metal content, a decrease of 9% MoM and 1% YoY. The main reasons for the decrease in production are as follows: Firstly, the production in the Hangzhou region was affected by the Asian Games, which had an impact on the overall output. Secondly, some companies experienced temporary raw material shortages due to difficulties in recycling black mass and delays in the arrival of cobalt intermediates at ports. Thirdly, the demand for cobalt sulphate itself was weak due to the slow recovery in the EV sector. On the other hand, the demand for cobalt chloride saw some increase, driven by the new models from Huawei, leading to certain companies switching to the production of cobalt chloride. These three factors combined resulted in the decrease in cobalt sulphate production in September.
In October, due to the market’s cautious outlook on future demand in the EV sector and the difficulty in acquiring low-priced raw materials, coupled with the inability to pass on the cost increase to downstream, the market is expected to continue destocking. The estimated cobalt sulphate production in October is 6,559 mt in metal content, a decrease of 2% MoM and 12% YoY.
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