Price

Cobalt Pricing and Market Data

Cobalt prices surged dramatically in late 2024 and 2025 following the Democratic Republic of Congo's decision to suspend cobalt exports in early 2025 to stabilize prices and assert greater control over its dominant market position. The DRC accounts for roughly 75% of global mined cobalt supply. Prior to the ban, cobalt had been in a prolonged downturn - falling from over $80,000/tonne in 2022 to under $25,000/tonne by mid-2024 due to massive oversupply from artisanal and industrial operations. The export suspension triggered a sharp rally, with prices more than doubling to over $56,000/tonne by early 2026. Market participants remain cautious as the ban's duration and enforcement remain uncertain, and battery chemistries continue shifting toward lower-cobalt and cobalt-free formulations like LFP.

Pricing Mechanisms

Cobalt is priced using benchmarks from LME/Fastmarkets MB. Cobalt pricing operates through a combination of exchange-based benchmarks, price reporting agency assessments, bilateral negotiation, and long-term offtake contracts. The specific mechanism depends on product form, grade, and the buyer-seller relationship.

Price History and Notable Market Events

The Cobalt market has been shaped by the following key events:

Price Drivers

Key factors influencing Cobalt prices include production levels in DR Congo (73% of global supply), demand from lithium-ion battery cathodes and superalloys for jet engines, inventory levels, energy costs, and government policy actions such as export restrictions or strategic stockpiling.

Spot vs. Contract Pricing

The Cobalt market features both spot transactions and longer-term contracts. Spot prices reflect current conditions and are more volatile, while multi-year offtake agreements provide supply security for both producers and consumers. Current spot pricing is in the range of 54,000-56,300 $/tonne.