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Cobalt Pricing, Demand and Supply Overview
Cobalt prices in the United States, the highest-cost reporting region, rose 4.3% in Q2 2026 to USD 48,000.00/MT from USD 46,000.00/MT in Q1, extending a sustained rally that has pushed prices up roughly 50 percent since early 2025. Globally, the average rose from USD 43,810.00/MT in Q1 to USD 45,940.00/MT in Q2, a 4.9% gain. For H2 2026, a global average of USD 42,000.00-52,000.00/MT is expected, with continued Democratic Republic of Congo export quota constraints likely to keep this market structurally tight and elevated.
Cobalt is a critical battery metal mined predominantly as a byproduct of copper and nickel extraction, with the Democratic Republic of Congo accounting for roughly 70 percent of global mine supply. It serves as an essential component in lithium-ion battery cathode chemistries, particularly nickel-cobalt-manganese and nickel-cobalt-aluminum formulations used in electric vehicle and consumer electronics batteries, alongside applications in superalloys for aerospace turbine components and hard-metal cutting tools. Export quota mechanisms imposed on Congolese cobalt production have fundamentally reshaped this market's supply availability since their introduction, creating sustained upward pressure that has persisted well into 2026. Congolese export quota policy, battery cathode demand growth, and mine supply concentration are what drive prices in this market.
Cobalt Price Forecast for 2026
The outlook for Cobalt through H2 2026 stays firm, anchored by continued Democratic Republic of Congo export quota constraints that have fundamentally reshaped global supply availability since their introduction. Steady demand growth from electric vehicle battery cathode manufacturers, alongside continued aerospace superalloy consumption, should continue supporting consumption even as the pace of further gains likely moderates from the sharp increases seen through 2025 and early 2026.
The main upside risk is a further tightening of Congolese export quotas or additional supply disruptions from the dominant mine supply base, which could push prices even higher than currently forecast. The main downside risk is a faster-than-expected quota relaxation or accelerating battery chemistry substitution away from cobalt-intensive cathode formulations, which could ease the current structural tightness.
| Region | 2026 Price Range (USD/MT) | Outlook |
| Global Average | 42,000.00 - 52,000.00 | Congolese export quota constraints keep this market structurally tight |
| United States | 44,500.00 - 54,000.00 | Strong battery and aerospace demand sustains the highest cost |
| South Korea | 43,500.00 - 53,000.00 | Battery cathode manufacturing hub supports continued firmness |
| Netherlands | 42,000.00 - 51,500.00 | Key European trading benchmark tracks global tightness |
| China | 38,000.00 - 47,000.00 | Substantial refining capacity keeps this the most affordable market |
For the Quarter Ending June 2026
Cobalt Prices Q2 2026:
- United States: USD 48,000.00/MT
- South Korea: USD 47,000.00/MT
- Netherlands: USD 46,500.00/MT
- China: USD 41,500.00/MT
Cobalt Prices in the United States
US Cobalt prices averaged USD 48,000.00/MT in Q2 2026, the highest of any region tracked here, up 4.3% from USD 46,000.00/MT in Q1, as strong battery and aerospace superalloy demand continued supporting this market.
Why did the price of Cobalt change in Q2 2026 in the United States?
Continued growth in electric vehicle battery cathode demand, alongside steady aerospace superalloy consumption, kept US buyers competing for available supply even as Congolese export quota constraints kept the underlying feedstock market structurally tight.
Cobalt Prices in South Korea
South Korean prices averaged USD 47,000.00/MT in Q2 2026, up 4.4% from USD 45,000.00/MT in Q1, as this major battery cathode manufacturing hub continued absorbing elevated feedstock costs.
Why did the price of Cobalt change in Q2 2026 in South Korea?
As a major global hub for battery cathode manufacturing, South Korean buyers continued absorbing elevated cobalt costs to secure feedstock for nickel-cobalt-manganese and nickel-cobalt-aluminum cathode production.
Cobalt Prices in Netherlands
Dutch prices, reflecting the key European trading benchmark, averaged USD 46,500.00/MT in Q2 2026, up 5.7% from USD 44,000.00/MT in Q1.
Why did the price of Cobalt change in Q2 2026 in Netherlands?
As the primary European trading and warehouse benchmark, Rotterdam pricing continued reflecting the underlying global supply tightness tied to Congolese export quota policy.
Cobalt Prices in China
Chinese prices, the lowest of the four regions, averaged USD 41,500.00/MT in Q2 2026, up 5.1% from USD 39,500.00/MT in Q1, as substantial domestic refining capacity continued keeping this market comparatively affordable.
Why did the price of Cobalt change in Q2 2026 in China?
Substantial domestic refining capacity continued providing this market with a structural cost advantage relative to other regions, even as the broader Congolese export quota constraint pushed prices higher across the board.
For the Quarter Ending March 2026
Cobalt Prices Q1 2026:
- United States: USD 46,000.00/MT
- South Korea: USD 45,000.00/MT
- Netherlands: USD 44,000.00/MT
- China: USD 39,500.00/MT
Cobalt Prices in the United States
US prices rose 9.5% in Q1 2026 to USD 46,000.00/MT from USD 42,000.00/MT in Q4 2025, continuing the sustained rally tied to Congolese export quota constraints.
Why did the price of Cobalt change in Q1 2026 in the United States?
Export quota mechanisms imposed on Congolese cobalt production continued fundamentally reshaping this market's supply availability, with the world's dominant mine supply base, accounting for roughly 70 percent of global production, operating under constrained export volumes that sustained upward price pressure across every consuming region.
Cobalt Prices in South Korea
South Korean prices rose 9.8% in Q1 2026 to USD 45,000.00/MT from USD 41,000.00/MT in Q4 2025, tracking the broader global tightening.
Why did the price of Cobalt change in Q1 2026 in South Korea?
Continued strong demand from battery cathode manufacturers for nickel-cobalt-manganese and nickel-cobalt-aluminum formulations kept South Korean buyers competing for increasingly scarce material tied to the Congolese export quota constraint.
Cobalt Prices in Netherlands
Dutch warehouse prices rose 10.0% in Q1 2026 to USD 44,000.00/MT from USD 40,000.00/MT in Q4 2025, tracking the broader structural supply constraint.
Why did the price of Cobalt change in Q1 2026 in Netherlands?
The structural supply tightness created by Congolese export quota policy continued reflecting in Rotterdam warehouse pricing, the primary European benchmark for this market.
Cobalt Prices in China
Chinese prices rose 9.7% in Q1 2026 to USD 39,500.00/MT from USD 36,000.00/MT in Q4 2025, tracking the broader global supply constraint even as this remained the most affordable market tracked in this report.
Why did the price of Cobalt change in Q1 2026 in China?
Rising feedstock costs, tied to the Congolese export quota constraint, continued pushing Chinese cobalt prices higher even as substantial domestic refining capacity kept the pace of the increase comparatively moderate relative to import-dependent regions.
Quarterly Cobalt Price Trends
Global Cobalt prices climbed steadily and consistently through every quarter tracked in this report, extending a sustained rally that has pushed prices up roughly 50 percent since early 2025, driven by export quota mechanisms imposed on the Democratic Republic of Congo, the source of roughly 70 percent of global mine supply, that have fundamentally reshaped this market's supply availability.
| Quarter | Price (USD/MT) | QoQ Change | Direction |
| Q2 2026 | 45,940.00 | +4.9% | ↑ Rising |
| Q1 2026 | 43,810.00 | +9.7% | ↑ Rising |
| Q4 2025 | 39,920.00 | +10.8% | ↑ Rising |
| Q3 2025 | 36,030.00 | +12.1% | ↑ Rising |
| Q2 2025 | 32,140.00 | - | — Stable |
| Q3 2026 | In Progress | - | — In Progress |
What was Cobalt Price in 2025?
Cobalt staged one of the most sustained rallies of any market covered in this report through 2025, with prices climbing more than 30 percent in every region as export quota mechanisms imposed on Democratic Republic of Congo cobalt production fundamentally reshaped global supply availability, a structural tightening that continued extending into 2026.
Cobalt Prices in the United States in 2025
US prices surged from about USD 32,000.00/MT in Q1 2025 to USD 42,000.00/MT by Q4, a gain of roughly 31.2%, before the continued climb that followed into 2026.
Cobalt Prices in South Korea in 2025
South Korean prices surged from about USD 31,000.00/MT in Q1 2025 to USD 41,000.00/MT by Q4, up roughly 32.3%, tracking the extraordinary global tightening through the year.
Cobalt Prices in Netherlands in 2025
Dutch warehouse prices surged from about USD 30,000.00/MT in Q1 2025 to USD 40,000.00/MT by Q4, a gain of roughly 33.3%, the strongest annual increase of the four regions.
Cobalt Prices in China in 2025
Chinese prices surged from about USD 27,000.00/MT in Q1 2025 to USD 36,000.00/MT by Q4, up roughly 33.3%, matching the strongest annual increase despite this market's substantial domestic refining capacity.
How We Can Help
Expert Market Research: Your Source for Real-Time Cobalt Price Intelligence
Expert Market Research tracks Cobalt prices continuously across every major producing and consuming region, combining Congolese export quota policy developments, battery cathode demand growth signals, and mine supply concentration data into a single, regularly updated view of the market. Our team can help your procurement function benchmark current offers, plan purchases around the sustained rally covered in this report, and build a defensible view of where this critical battery metal is headed next. Reach out to our team for a tailored briefing or a deeper look at any of the regional markets covered here.
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Frequently Asked Questions About This Report
It serves as an essential component in lithium-ion battery cathode chemistries, particularly nickel-cobalt-manganese and nickel-cobalt-aluminum formulations used in electric vehicle and consumer electronics batteries, alongside applications in superalloys for aerospace turbine components and hard-metal cutting tools.
The Q2 2026 global average was USD 45,940.00/MT, ranging from USD 41,500.00/MT in China to USD 48,000.00/MT in the United States.
The global average rose from USD 39,920.00/MT in Q4 2025 to USD 43,810.00/MT in Q1 2026 and then to USD 45,940.00/MT in Q2, extending a sustained rally that has pushed prices up roughly 50 percent since early 2025.
Export quota mechanisms imposed on the Democratic Republic of Congo, which accounts for roughly 70 percent of global mine supply, have fundamentally reshaped this market's supply availability, creating sustained structural tightness that has persisted well into 2026.
The global average is expected in the USD 42,000.00-52,000.00/MT range, with continued Congolese export quota constraints likely to keep this market structurally tight.
China holds the lowest cost among the regions tracked here given substantial domestic refining capacity, while the United States carries the highest cost given strong battery and aerospace demand.
This report is updated monthly. For real-time pricing intelligence, connect with the Expert Market Research team.
Congolese export quota policy, battery cathode demand growth, and mine supply concentration.
The Democratic Republic of Congo accounts for roughly 70 percent of global mine supply, with China maintaining substantial refining and processing capacity that converts raw material into battery-grade and industrial cobalt products.
Buyers can closely monitor Congolese export quota policy developments given their outsized influence on this market, time forward purchases around the quarterly breakdowns in this report, and benchmark supplier quotes against the tracked price ranges given the scale of the ongoing structural rally.
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