Cadmium Price Trend and Forecast 2026-2027

Market Overview

Canada paid the most for cadmium in Q2 2026: USD 3,256/MT, up 1.8% from USD 3,199 in Q1. The steady battery and pigment demand kept things firm there. Worldwide, the average moved up 1.8%, to USD 2,935/MT from USD 2,884, largely because the zinc smelter byproduct supply stayed tight even as the demand kept climbing across every region we track. What about H2 2026? We'd expect a global average somewhere in the USD 2,905-3,150/MT range, with the steady battery and specialty-pigment demand doing most of the work.

Cadmium reaches the market almost entirely as a byproduct, recovered from zinc concentrate refining rather than mined as a primary target metal, since it occurs naturally alongside zinc ore in most commercial deposits. Historically used widely in nickel-cadmium batteries, pigments, and electroplating, its applications have narrowed considerably over the past two decades as environmental regulations, most notably the EU's RoHS directive, restricted its use in many consumer products due to its toxicity. Three things move the price more than anything else: the zinc smelter output, since that's what determines the byproduct supply, the remaining battery and specialty-pigment demand, and how tightly regulation continues constraining the applications that once drove much larger consumption.

The regulatory contraction this metal has experienced deserves real attention, since it's fundamentally reshaped the market over a fairly short period. Cadmium demand peaked decades ago when nickel-cadmium batteries and cadmium-based pigments were far more widely used than they are today, before lithium-ion batteries displaced NiCd in most applications and pigment regulations pushed manufacturers toward alternative colorants. What remains is a smaller, more specialized demand base concentrated in applications where cadmium's specific properties, like the exceptional charge-discharge durability of NiCd batteries in industrial and aerospace uses, still outweigh the regulatory and handling costs its toxicity imposes.

The byproduct supply dynamic adds a further layer of complexity worth understanding. Because cadmium output is tethered to zinc refining decisions made for entirely separate reasons, producers can't simply ramp up cadmium production in response to price signals, which means even this now-smaller market can show meaningful price movement when zinc smelter activity shifts, regardless of what's happening in the narrower cadmium end-use markets themselves.

Cadmium Price Forecast for 2026

Supply should stay fairly tight through H2 2026, since the cadmium output remains tethered to zinc smelting rather than being something producers can adjust independently. Belgium and Canada, both refining and consuming higher-purity material, kept the demand firm through H1. China and South Korea, closer to the smelter source, stayed the more affordable end of the market.

Buyers of battery-grade material specifically should expect continued tightness, since the specialized NiCd battery manufacturers that still rely on cadmium represent a relatively small, concentrated customer base that competes for a limited byproduct supply.

The regulatory environment bears watching too, since any further tightening of restrictions in additional markets could continue narrowing the applications that support current demand, even as the underlying byproduct supply dynamics stay largely unchanged.

What could push prices higher? Reduced zinc smelter output squeezing the byproduct supply further, or a stronger-than-expected industrial and aerospace battery demand cycle. What could pull them lower? Further regulatory restrictions narrowing the remaining application base.

For the Quarter Ending June 2026

Cadmium Prices Q2 2026:

• China: USD 2,615/MT
• South Korea: USD 2,830/MT
• Belgium: USD 3,151/MT
• Canada: USD 3,256/MT

Cadmium Prices in China

China's cadmium supply, tied closely to the domestic zinc smelter output, saw firm demand this quarter, and the gain came to 1.8%, USD 2,569/MT to USD 2,615. That kept China the most affordable of the four markets by a wide margin.

Why did the price of Cadmium change in Q2 2026 in China?

The zinc smelter byproduct supply stayed roughly steady, and the domestic demand held its ground right alongside it.

Cadmium Prices in South Korea

South Korea climbed 1.8% to USD 2,830/MT, the established refining base staying the anchor of the market even as the demand firmed.

Why did the price of Cadmium change in Q2 2026 in South Korea?

South Korea's refining base is what anchors this market regionally, and that base stayed roughly steady even as demand ticked up.

Cadmium Prices in Belgium

Belgium gained 1.8% to USD 3,151/MT, its specialized refining hub keeping the premium intact through the period.

Why did the price of Cadmium change in Q2 2026 in Belgium?

Belgium's role as a specialized refining hub for higher-purity material is what keeps its premium intact, and that didn't change this quarter.

Cadmium Prices in Canada

USD 3,256/MT. That's where Canada landed in Q2, up 1.8% from USD 3,199 in Q1. The battery and pigment demand stayed firm, and the tight byproduct supply pushed things higher.

Why did the price of Cadmium change in Q2 2026 in Canada?

The battery and pigment demand held its ground, and the tight byproduct supply is really what's keeping the Canadian premium as wide as it is.

For the Quarter Ending March 2026

Cadmium Prices Q1 2026:

• China: USD 2,569/MT
• South Korea: USD 2,780/MT
• Belgium: USD 3,095/MT
• Canada: USD 3,199/MT

Cadmium Prices in China

China gained 1.8% to USD 2,569/MT, the demand firming as the year opened.

Why did the price of Cadmium change in Q1 2026 in China?

The domestic demand firmed as the year opened, and the smelter byproduct supply stayed roughly steady alongside it.

Cadmium Prices in South Korea

South Korea rose 1.8% to USD 2,780/MT, the refining demand firming with the new year.

Why did the price of Cadmium change in Q1 2026 in South Korea?

The refining demand firmed only modestly with the new year, tracking the smelter throughput closely.

Cadmium Prices in Belgium

Belgian cadmium climbed 1.8% to USD 3,095/MT, the refining demand staying firm through the quarter.

Why did the price of Cadmium change in Q1 2026 in Belgium?

The refining demand stayed firm through the quarter, and the byproduct supply firmed only modestly.

Cadmium Prices in Canada

Canadian cadmium rose 1.8% to USD 3,199/MT, the battery and pigment demand building through the quarter.

Why did the price of Cadmium change in Q1 2026 in Canada?

The battery and pigment demand built through the quarter, tracking the specialized industrial-manufacturing activity closely.

Quarterly Cadmium Price Trends

The global average climbed steadily across the window, from USD 2,750/MT in Q1 2025 to USD 2,935 by Q2 2026, a net gain of about 6.7%. Every quarter posted a gain here, reflecting the tight smelter byproduct supply and the resilient, if narrower, battery and pigment demand across every market we track, with the pace of the gains picking up somewhat in the most recent two quarters. That kind of steady, uninterrupted climb is worth noting, since it stands in contrast to how choppy some other commodities in this space have looked over the same period.

What was Cadmium Price in 2025?

2025 was a steady year for cadmium. Starting near USD 2,750/MT in Q1, the global average finished 2025 at USD 2,834, a gain of about 3.1%. The battery and pigment demand held consistent all year across every market we track, before the pace of gains picked up further once 2026 got underway. Buyers who track this market closely tend to view that steady annual pattern as the baseline against which any future quarter's move should be judged.

Cadmium Prices in China in 2025

Chinese prices moved from about USD 2,450/MT in Q1 2025 to USD 2,524 by Q4, up roughly 3.0%. The domestic demand held steady all year, and China stayed the most affordable of the four markets throughout.

Cadmium Prices in South Korea in 2025

South Korean prices climbed from USD 2,650/MT in Q1 to USD 2,731 by Q4, a 3.1% gain, tracking the steady regional refining demand.

Cadmium Prices in Belgium in 2025

Belgian prices rose from USD 2,950/MT in Q1 to USD 3,040 by Q4, up 3.1%, as the specialized refining demand stayed firm through the year.

Cadmium Prices in Canada in 2025

Canadian prices moved from USD 3,050/MT in Q1 to USD 3,143 by Q4, a 3.0% gain, the highest absolute price throughout the four markets on the battery and pigment demand.

How We Can Help

Expert Market Research: Your Source for Real-Time Cadmium Price Intelligence

We keep a continuous eye on the cadmium prices wherever it's refined or consumed at scale, tracing causation through the zinc smelter output, the remaining battery and specialty-pigment demand, and the regulatory developments shaping the narrowing but resilient application base. Our analysts track regulatory announcements around cadmium restrictions closely, given how directly they've reshaped this market over the past two decades. We also track how buyers in adjacent markets are adjusting their sourcing strategies, which often signals a shift before it fully shows up in the headline pricing. Need pricing data, bespoke market analysis, or procurement advisory? Reach out to our team.