Cobalt Price Trend Analysis 2026: Historical Prices, Latest News, Price Drivers, Supply Demand Analysis & Market Insights

Cobalt Price Trend Q1 2026

Product	Region	Incoterm Basis	Price	Last Updated Month
Cobalt	China	FOB	USD 60,377.71/MT	April 2026
Cobalt	India	CIF	USD 60,427.59/MT	April 2026
Cobalt	USA	CIF	USD 60,464.71/MT	April 2026
Cobalt	Germany	FOB	USD 55,365.00/MT	April 2026
Cobalt	Australia	CIF	USD 60,415.93/MT	April 2026
Cobalt	China	FOB	USD 62,354.74/MT	March 2026
Cobalt	India	CIF	USD 62,409.74/MT	March 2026

Stay updated with the latest cobalt prices, historical data, and tailored regional analysis

Global cobalt Prices (Q1 2026): Global cobalt prices remained firm to bullish in Q1 2026 as feedstock tightness and delayed raw material flows increasingly outweighed the earlier oversupply narrative.
Supply-side effect: Supply stayed constrained as DRC-origin feedstock remained difficult to replenish, temporary disruptions at Cuba’s Moa and Madagascar’s Ambatovy projects added further support.
Downstream impact: Downstream demand improved gradually after the Lunar New Year, with ternary precursor buyers, cobalt salt consumers, and alloy users returning to the market on restocking needs.

Cobalt pricing in Q1 2026 reflected a clear transition from oversupply-led weakness toward tighter physical conditions, driven primarily by persistent disruption in the cobalt feedstock pipeline. Material availability remained restricted following the DRC’s earlier export controls and quota-linked administrative delays, with raw material arrivals into China still projected to stay limited during the quarter. This kept the refined cobalt and cobalt salt supply relatively tight, particularly after holiday-related production cuts. At the same time, short-term operational disruptions at Sherritt’s Moa nickel-cobalt project in Cuba due to fuel shortages and Sumitomo’s Ambatovy project in Madagascar following cyclone-related damage added to supply-side caution, even if their direct global impact remained limited. On the demand side, post-holiday logistics normalization and gradual resumption of procurement by ternary cathode precursor producers improved market sentiment, while tighter inventories and stronger expectations across cobalt intermediates and alloy-grade demand reinforced the market’s upward bias.

Analyst insights

Global cobalt prices are expected to remain supported in the coming months, although any easing in DRC shipment bottlenecks or a sharp recovery in alternative supply could moderate the pace of gains.

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Cobalt Dashboard Inclusions

Products

Regions

Subscriptions

Product	Category	Region	Price	Last Updated Month
Cobalt	Energy, Metals and Minerals	USA	US$ 32517/MT	June 2025
Cobalt	Energy, Metals and Minerals	China	US$ 32442/MT	June 2025
Cobalt	Energy, Metals and Minerals	India	US$ 33112/MT	June 2025

The Asian cobalt market experienced significant volatility throughout 2025, driven primarily by supply-side disruptions originating from the Democratic Republic of Congo. During the first half of the year, cobalt prices in Asia started at multi-year lows amid persistent oversupply conditions and weak demand from the battery sector. The market faced downward pressure as elevated production from the DRC coincided with tepid consumption from electric vehicle manufacturers. However, market dynamics shifted markedly when the DRC imposed an export ban in February to address the supply glut. Prices responded swiftly, with cobalt sulphate values recording substantial gains as market participants adjusted to reduced availability. The latter half of 2025 saw the Asian market transition into a supply deficit as inventories depleted progressively. Chinese imports of intermediate cobalt products, particularly hydroxide, declined sharply compared to the previous year, with inbound shipments falling dramatically as the export ban constrained feedstock availability. Chinese refiners faced acute feedstock shortages, leading to significant reductions in domestic cobalt metal output. Some processors began evaluating alternative feedstock options, including using cobalt metal for salt production. On the demand side, the battery sector continued its structural shift toward lithium-iron-phosphate chemistries, with nickel-manganese-cobalt batteries maintaining a reduced market share. The DRC announced a quota system to replace the export ban from mid-October, though market participants anticipated that initial shipments under the new regime would not reach Asian markets until late in the year.

About Cobalt

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.

Cobalt Product Detail

Hs Code

81059000

Chemical Formula

Cas Number

7440-48-4

Molecular Weight

58.933 g/mol

Industrial Uses

Production of alloys, colored pigments, catalysts, batteries, pharmaceuticals

Supplier Database

Umicore, Glencore, Vale, Freeport-McMoRan, Freeport-McMoRan

Regional Coverage

Asia Pacific

China, India, Indonesia, Pakistan, Bangladesh, Japan, Philippines, Vietnam, Iran, Thailand, South Korea, Iraq, Saudi Arabia, Malaysia, Nepal, Taiwan, Sri Lanka, UAE, Israel, Hongkong, Singapore, Oman, Kuwait, Qatar, Australia, and New Zealand

Europe

Germany, France, United Kingdom, Italy,Spain, Russia, Turkey, Netherlands, Poland, Sweden, Belgium, Austria, Ireland Switzerland, Norway, Denmark, Romania, Finland, Czech Republic, Portugal and Greece

North America

United States and Canada

Latin America

Brazil, Mexico, Argentina, Columbia, Chile, Ecuador, and Peru

Africa

South Africa, Nigeria, Egypt, Algeria, Morocco

CurrencyUS$ (Data can also be provided in local currency)

Supplier Database AvailabilityYes

Customization ScopeThe report can be customized as per the requirements of the customer

Post-Sale Analyst Support360-degree analyst support after report delivery

Note: Our supplier search experts can assist your procurement teams in compiling and validating a list of suppliers indicating they have products, services, and capabilities that meet your company's needs.

Cobalt Production Processes

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.

Frequently Asked Questions

During Q1 2026, cobalt prices declined across the tracked regions. In China, prices showed a ~3.58% decrease from January to March, while in India they witnessed a ~3.65% decrease. In the USA, prices fell by ~3.55%, while Germany recorded a sharper ~13.12% decline. Australia also saw a ~13.09% decrease, reflecting weaker regional buying and inventory pressure.

The cobalt outlook for 2026 remains mixed. Supply restrictions from the Democratic Republic of the Congo may support prices, but earlier oversupply and weak spot buying can limit sharp gains. Battery demand, aerospace consumption, and defense applications should support long-term use. However, cobalt-light and cobalt-free battery chemistries, recycling, and Chinese refined output will keep the market competitive.

Inventory pressure was a key factor behind the Q1 2026 decline. Buyers in battery chemicals and alloy markets avoided aggressive restocking because earlier surplus material was still moving through the supply chain. At the same time, the Democratic Republic of the Congo’s export controls created uncertainty in raw material flows. This policy support limited deeper losses but did not fully offset weak near-term demand.

In the last year, global mined cobalt production was estimated at 310,000 metric tons. The Democratic Republic of the Congo led by a wide margin with 230,000 metric tons, followed by Indonesia at 44,000 metric tons. Other notable producers included Russia with 7,700 metric tons, Madagascar at 3,900 metric tons, Australia and the Philippines at 3,700 metric tons each, and Canada at 3,500 metric tons. These countries together accounted for the majority of global cobalt supply, highlighting strong regional concentration.

USGS data shows that the Democratic Republic of the Congo dominates mined cobalt supply, accounting for an estimated 73% of global output, followed by Indonesia at about 14%. Other producers include Russia, Australia, Canada, Cuba, Madagascar, Morocco, Papua New Guinea, the Philippines, and Turkey. China remains central to refining and battery-chemical conversion, even though its mine production is limited.

In Q1 2026, Electra Battery Materials made significant progress at its cobalt sulfate refinery in Ontario. The facility is planned to produce an initial 5,120 tonnes per year of battery-grade cobalt sulfate, with expansion to 6,500 tonnes per year anticipated. This development strengthens North American battery supply chains and decreases dependency on Asian refining capacity, enhancing regional supply security.

Cobalt is usually produced as a by-product of copper and nickel mining. Ore or intermediate material is processed into cobalt hydroxide, metal, sulfate, or other chemical forms. Cobalt sulfate is used mainly in battery cathode production, while cobalt metal and alloys serve aerospace, defense, magnets, catalysts, cutting tools, and wear-resistant applications. Each processing step affects purity, availability, and price.

Cobalt demand is driven mainly by rechargeable batteries, especially lithium-ion battery cathodes used in electric vehicles, portable electronics, and energy storage. Outside batteries, cobalt is important in superalloys for aircraft engines, hard metals, catalysts, pigments, magnets, and wear-resistant alloys. Battery demand creates long-term growth, but aerospace and defense uses provide a high-value industrial demand base.

Cobalt contract structures vary by product form. Refined cobalt metal, cobalt hydroxide, and cobalt sulfate can trade against separate benchmarks because they differ in purity, logistics, and downstream use. Many cobalt hydroxide contracts are priced as a payable or discount linked to a cobalt metal benchmark. Buyers often use monthly averages, term volumes, and index-linked pricing to manage volatility.

Procurement Resource employs a structured methodology combining primary research, secondary market data, analytical models, and validation processes to assess cobalt prices and trends. Price evaluations incorporate supply-demand dynamics, feedstock movements, trade flows, and value chain analysis, supported by continuous market monitoring to ensure accurate and reliable insights.

Our Price Analysis Methodology

View Detail Methodology

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Cobalt Price Trend Analysis 2026: Historical Prices, Latest News, Price Drivers, Supply Demand Analysis & Market Insights

Cobalt Price Trend Q1 2026

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About Cobalt

Cobalt Product Detail

Regional Coverage

Asia Pacific

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Cobalt Production Processes

Frequently Asked Questions

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What was global cobalt mine production?

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