【SMM Analysis：Mobile phone shipments are up YoY, and the price of its raw material Co3O4 is difficult to rise or fall】

The domestic mobile phone market operation analysis report for July 2024 released by the China Academy of Information and Communications Technology shows that in July 2024, domestic mobile phone shipments reached 24.204 million units, up 30.5% YoY. Among them, 5G mobile phones accounted for 20.654 million units, up 37.2% YoY, making up 85.3% of the total mobile phone shipments for the same period. From January to July 2024, domestic mobile phone shipments totaled 171 million units, up 15.3% YoY. Among them, 5G mobile phones accounted for 145 million units, up 23.6% YoY, making up 84.8% of the total mobile phone shipments for the same period.

Regarding one of the raw materials for mobile phones, Co3O4, from the supply side, the current market operating rate remains at a relatively high level, and the overall supply is relatively sufficient. From the downstream demand side, downstream demand has slightly improved, and market inquiry activity has increased. Considering the overall market situation, due to the low raw material prices, the cost support for Co3O4 is limited; at the same time, due to sufficient market supply, spot Co3O4 prices may remain stable in the short term.