Photo taken on Dec. 3, 2020 shows a production line of new-energy vehicles in Kunming, southwest China's Yunnan Province. (Xinhua/Jiang Wenyao)
BEIJING, July 6 (Xinhua) -- Prices of cobalt, a key ingredient for batteries used for new energy vehicles (NEVs), have recently maintained an uptrend due to robust demand from the NEVs.
On Monday, the price of cobalt in a spot market of south China's Guangdong Province was quoted at 383,000 yuan per metric tone (tonne), up 2.1 percent from the beginning of July. It was up 11.3 percent from the lowest point of 344,000 yuan/tonne on April 26, according to 100ppi.com, a commodity information provider in China.
Northeast Securities believed that the cobalt prices are expected to remain at a high level on strong demand from NEVs and tight supplies. It is estimated that in the year of 2021 to 2022, the cobalt industry will likely keep a tight balance.
According to Northeast Securities, in the short term, cobalt prices may continue rising due to the peak season for demand and mismatch of supply and demand.
With the continuous rise in cobalt prices, stocks of the cobalt companies listed on China's A-share market have increased by more than 25 percent so far this year. (Edited by Hu Pingchao, Wang Siyi, hupingchao@xinhua.org)
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