Cobalt product prices continued falling this week as persistently weak downstream demand outweighed temporary supply-side support from import data and production-cut rumors. Refined cobalt, cobalt salts, and cobalt chloride all posted further declines, with smelters cutting ex-works prices and some enterprises falling into losses. SMM expects prices to remain under pressure until downstream restocking resumes.
MHP cobalt payables are facing continued pressure as cobalt sulphate prices remain weak, with salt plants showing limited price acceptance. The supply side has seen improved availability due to resumed production schedules, but demand-side weakness is weighing on cobalt payables. Cobalt payables are expected to remain under pressure in the near term.
| Product | Region | Incoterm Basis | Price | Last Updated Month |
|---|---|---|---|---|
| Cobalt | China | FOB | USD 47,691.55/MT | August 2026 |
| Cobalt | India | CIF | USD 47,782.34/MT | August 2026 |
| Cobalt | USA | CIF | USD 56,290.00/MT | August 2026 |
| Cobalt | Germany | FOB | USD 56,290.00/MT | August 2026 |
| Cobalt | Australia | CIF | USD 47,786.22/MT | August 2026 |
| Cobalt | China | FOB | USD 54,251.77/MT | July 2026 |
| Cobalt | India | CIF | USD 54,358.58/MT | July 2026 |
| Cobalt | USA | CIF | USD 56,290.00/MT | July 2026 |
| Cobalt | Germany | FOB | USD 56,290.00/MT | July 2026 |
| Cobalt | Australia | CIF | USD 56,290.00/MT | July 2026 |
Stay updated with the latest Cobalt prices, historical data, and tailored regional analysis
Asia
In China, the average price of Cobalt fell from ~USD 54,251.77/MT (FOB) in July to ~USD 47,691.55/MT in August, a decline of ~12.1%. India recorded a similar fall of about 12.1%, from ~USD 54,358.58/MT (CIF) to ~USD 47,782.34/MT. Congolese supply to China recovered under the export quota, which caps shipments at 96,600 tonnes a year, as exporters used their remaining allowances. Recycled material, re-dissolved metal and previously hidden stocks also kept arriving. Intermediate products weakened most, as payables for cobalt in Indonesian mixed hydroxide precipitate fell to about 67% of the metal price by early September from roughly 90% a month earlier, cutting cost support for sulfate and metal. Demand stayed weak during the summer off-season, and Indian import prices followed the softer Chinese market.
Europe
During Q3’26, the cobalt prices remained stable during the quarter. European values proved more resilient than Chinese prices, as standard-grade metal in Rotterdam remained broadly flat through July. However, the price gap with China closed early in the quarter, and the subsequent decline in Chinese prices from August began to pressure Western markets.
North America
In the USA, the average price of cobalt remained stable at around USD 56,290.00/MT (CIF) in the first two months of Q3. Despite stable physical prices, forward contracts weakened during July, signalling expectations of lower values later in the year, while refining margins were reported as significantly negative. The DRC’s cobalt regulator also indicated it could cut quotas if the market remained out of balance, adding uncertainty to future supply.
Analyst Insight
According to Procurement Resource, cobalt prices may continue to drift lower as Congolese supply and recycled material keep the market well supplied, although the possibility of tighter export quotas could limit the downside.
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Asia
In China, the monthly average Cobalt price was ~RMB 409.91/kg in April and around RMB 423.48/kg in the subsequent month, showing an increase of ~3.3%. Prices increased as tighter imports of cobalt hydroxide from the DRC reduced feedstock availability, while Chinese smelters reportedly held inventories equivalent to only 8-10 days of consumption, triggering aggressive restocking and higher spot premiums. In India, the monthly average Cobalt price was ~INR 5,753.64/kg in April and around INR 5,945.56/kg in the subsequent month, showing an increase of ~3.3%, tracking the global uptrend amid constrained supply and firm battery-sector demand. In Australia, the monthly average Cobalt price was ~AUD 87.18/kg in April and around AUD 90.08/kg in the subsequent month, showing an increase of ~3.3%, supported by tightening global availability and stronger sentiment across battery metals.
Europe
In Germany, the monthly average Cobalt price was ~EUR 48.38/kg in April and around EUR 54.59/kg in the subsequent month, showing an increase of ~12.8%. European consumers remained highly dependent on imported cobalt units and increased strategic stockpiling amid concerns over African supply disruptions and processing bottlenecks, resulting in the strongest regional price increase.
North America
In the United States, the monthly average Cobalt price was ~USD 60,464.71/MT in April and around USD 62,495.05/MT in the subsequent month, showing an increase of ~3.4%. Prices strengthened as efforts to localize battery supply chains accelerated, including an agreement aimed at supplying enough cobalt to meet up to 40% of projected U.S. demand.
Analyst Insight
According to Procurement Resource, in the near term, cobalt prices are expected to remain elevated as DRC export quotas and constrained feedstock availability continue to dominate market fundamentals.
Cobalt is generally obtained as a by-product of nickel and copper extraction. It is a hard, lustrous, silver metal. It has applications in producing alloys. It is also used as catalysts, in batteries, etc.
Co
Production of alloys, colored pigments, catalysts, batteries, pharmaceuticals
Umicore, Glencore, Vale, Freeport-McMoRan, Freeport-McMoRan
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Cobalt and copper are obtained by reductive leaching. The leach solution is separated and added to a solvent extract, thereby separating cobalt and copper and giving cobalt in the aqueous raffinate, which is then precipitated using magnesium oxide, giving pure cobalt.
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