In October, China's cobalt sulphate production was 6,292 mt in metal content, down 6% MoM and 16% YoY. Due to the difficulty in recycling black mass and the delay in the arrival of cobalt intermediates at ports, some enterprises reduced production. Due to the poor recovery of EV market, the demand for cobalt sulphate was weak, and some enterprises reduced their production under the pressure of inventory.
It is expected that in November, the EV market will still be in a weak positionr. In addition, low-priced raw materials are difficult to purchase, and the rising costs caused by high-priced raw materials are difficult to be transmitted to downstream. Therefore, producers will still prioritize destocking. Cobalt sulphate production is expected to be 6,272 mt in metal content in November, flat MoM and down 15% YoY.
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