The price of cobalt rose by 60% in one year, and the most fundamental reason was the impact of the COVID-19 epidemic. Of course, its demand has indeed increased, but the impact is not great. Judging from the current market quotation, his highest price per ton was only 240,000 yuan before, but now his quotation has reached 380,000 yuan, and according to the latest market forecast, his quotation in the futures market has reached 420,000 yuan. Today, I will discuss with you why the price of cobalt can go up all the way.

First, its own storage value.

As a rare metal, the reserves of cobalt in the world are very small. At present, the proven cobalt reserves are about 765,438+million tons. And more than half of the reserves are concentrated in Africa and Congo, so its export directly affects the global price of cobalt. At present, due to the COVID-19 epidemic, many factories here have stopped production.

Second, why can its price go up all the way?

Its price is high, on the one hand, because of scarcity, on the other hand, because the development of new energy vehicles has indeed brought him a lot of sales, but this is not the main reason. The core is the COVID-19 epidemic, which caused all industrial chains in the world to stop working. Including mining and subsequent transportation in mining areas, as well as shipping, have been affected by the epidemic. This led to an increase in his overall cost. At present, rare minerals like cobalt are basically hard to buy.

Third, how do you think we restrict the development of cobalt?

In fact, this is understandable. China is a big country, but it also lacks some mineral resources. In China, our proven cobalt reserves are only 80,000 tons, accounting for a very low proportion, but our new energy vehicle market is extremely broad. The development of new energy vehicles must rely on other scarce energy sources, including cobalt.