China Nickel Price - September 15, 2020

cobalt blue image The cobalt price in China continues to maintain stability with market inventory continues to stress the market. The industry now is concerned about national purchasing and storage, as well as the production and shipment situation in Congo under the international epidemic and the downstream consumption of new energy vehicles and 5G in markets such as China, Europe and the United States. In the short term, the market is expected to be quiet. 

Lithium price has been stabilized as a whole when increased production and sales of new energy vehicles boost market expectations for lithium battery demand. However, due to the continued contradiction between supply and demand, the room for market growth is hindered, and the actual transaction fluctuates are little. The lithium carbonate market is good but still under pressure from the demand side. 

Nickel price edges higher despite deadlocked supply and demand in the market. Indonesia has banned mines but the production of ferronickel continues to be released; the traditional rainy season limits the production in the Philippines but epidemic prevention measures have gradually eased; the production and sales of downstream new energy vehicles have increased but the stainless steel market has been weak. The overall market is intertwined with limited trading activity.

The recovery of the macro economy and the export market have stabilized consumers’ confidence. In August, the overall national passenger car market maintained growth. Data show that in August, China's auto production and sales were 2.119 million and 2.186 million, respectively, up 6.3% and 11.6% year-on-year, achieving five consecutive months of positive growth. Among them, the production and sales of new energy vehicles were 106,000 and 109,000, an increase of 17.7% and 25.8% respectively; the wholesale sales of new energy passenger vehicles exceeded 100,000, a year-on-year increase of 43.7%, and a month-on-month increase of 23.9%. The China Automobile Association predicts that the sales of new energy vehicles in the second half of this year will maintain a relatively stable positive growth trend, and the annual sales are expected to be around 1 million (excluding Tesla).

Prices of cobalt, nickel and lithium products on September 15, 2020

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