Cobalt consumption or sustained strong cobalt prices up momentum...

Cobalt consumption or sustained strong cobalt prices up momentum (with shares)

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2017-12-09 08:23:28 source: Public Securities News Stock market Jingxian "black technology"

Since early November, it has risen nearly 60,000 yuan / ton, up 12% and exceeded 500,000 yuan. Industrial Securities ( 601377 , clinics ) that the highlight of the value of resources will be the basis for the continued rise in cobalt prices. At the same time, cobalt as a small metal varieties, its market size is small, price elasticity.

Cobalt consumption or continued strong

In 2018 cobalt consumption or continued strong. First, the rapid development of new energy vehicles drove cobalt consumption. Double point system will be implemented in 2019, which will force the car prices to accelerate the layout and development of new energy vehicles. The current subsidy policy directly linked to the battery energy density is conducive to the promotion of ternary materials . With the rapid increase of ternary material permeability, the consumption of cobalt will be further increased.

Second, 3C products or exceed expectations. This year, Apple uses dual-battery design, or will lead the consumer electronics trend. iPhone as a smart phone leader, its product design will also play a leading role. Future cell phones and other 3C products, the unit capacity increase will be long-term trend will increase lithium cobalt oxide consumption.

Low stock levels

On the one hand, 2017 domestic cobalt smelting enterprises raw material inventories fell. Judging from domestic cobalt salt output and cobalt raw material import data, the raw material stock level of cobalt smelting enterprises in 2017 shows a marked decline. On the other hand, the cathode material manufacturers are also faced with the demand for replenishment after the replenishment of the first half of the year is completed, and the overall inventory level is low. Lower inventory levels in the industrial chain are conducive to the acceleration of price increases.

In addition, there are not many cobalt mines that can be put into operation in 2018, and the output is expected to be less than 10,000 tons. However, capacity at the smelting end has risen sharply. Only from the expansion plan of some domestic enterprises, the newly increased production capacity can reach 2 More than 10,000 tons. In addition, the downstream cathode materials plant also fiercely, capacity expansion is very rapid. The rapid expansion of the downstream industry chain and resource supply has some bottlenecks. The intensification of the contradiction between the supply and demand of concentrates will result in the highlighting of the value of resources and the rise in prices.


Investment advice >>>
As a small metal cobalt species, the market size is small, price elasticity. In the cobalt price rise process, the performance of related companies will have a good performance. Key recommendation Huayou Cobalt ( 603799 , clinics ), Hanrui Cobalt ( 300,618 , clinics ), Luoyang Molybdenum ( 603,993 , clinics ). Industrial Securities