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

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Written ByPragati Agarwal

Cobalt Price Trend Q2 2026

Product Region Incoterm Basis Price Last Updated Month
Cobalt China FOB USD 62,375.86/MT May 2026
Cobalt India CIF USD 62,443.20/MT May 2026
Cobalt USA CIF USD 62,495.05/MT May 2026
Cobalt Germany FOB USD 62,469.31/MT May 2026
Cobalt Australia CIF USD 62,426.69/MT May 2026
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

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

  • Global cobalt prices rebounded sharply during Q2'26 as supply controls in the Democratic Republic of Congo (DRC) shifted the market from oversupply to deficit.
  • DRC export quotas, strategic reserves and lower feedstock availability from cobalt, nickel and copper operations tightened global material availability and supported prices.
  • Battery, aerospace and defense demand remained supportive despite rising adoption of cobalt-free LFP batteries in the EV sector.

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.

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  • 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.

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

Co

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.

About the Author

Pragati Agarwal profile photo

Pragati Agarwal

Senior Business Insights Analyst

Delivering price trend analysis and procurement market insights at Procurement Resource, with expertise in identifying commodity patterns, supporting purchasing strategies, and improving cost efficiency through actionable market intelligence.

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