At the start of the year cobalt prices fell to their lowest level ever on an inflation adjusted basis and reached near decade lows nominally.
A surge in supply from the Congo, responsible for 80% of the world’s cobalt output, coupled with tepid demand from the electric vehicle market, saw cobalt sulphate entering the EV battery supply chain in China fall to an average of just $3,556 per tonne in January. That compares to a peak of nearly $19,000 a tonne in 2022.
Copper production in the DRC, with a big chunk owned by Chinese companies, was rising fast – leading to a near 40% jump in the country’s co-product cobalt output in 2024, but in February the country announced a four month ban on exports to ease the glut.
Cobalt sulphate prices duly responded, jumping more than 60% in March to average $5,767 a tonne, and holding onto most of those gains in April.
Cobalt byproduct output is…
