DRC export ban continues to drag down China’s July cobalt intermediate imports

Key takeaways:

• Chinese imports of cobalt intermediates fell sharply in July 2025 due to the DRC cobalt export ban, impacting market supply amidst cobalt export restrictions.

• Democratic Republic of Congo cobalt restrictions have pushed cobalt hydroxide prices higher while keeping domestic inventories relatively stable.

• China’s cobalt metal exports remained steady despite import disruptions and cobalt export restrictions, reflecting limited overseas demand.

Chinese imports of cobalt intermediates fell further in July 2025 following the ongoing export ban from the Democratic Republic of Congo (DRC), while China’s cobalt metal exports remained relatively steady in July, according to the latest data from China’s General Administration of Customs (GACC). China imported 4,143 tonnes (metal content) of cobalt intermediates in July, down by 27.28% from 5,697 tonnes in June and by 72.27% from 14,941 tonnes in July 2024, according to the GACC. The continued impact of these cobalt export restrictions is evident, pointing to increasing complications for the cobalt market.

How the DRC cobalt export ban is affecting China’s July imports

The downward trend in imports of cobalt intermediates extended into July, with volumes falling further after a sharp drop in June, showcasing the powerful effect of the DRC cobalt export restrictions.

This fall reflects the continued impact of the Democratic Republic of Congo’s (DRC) cobalt export ban first implemented in February and extended for another three months on June 21.

Market participants attributed the drop to reduced shipments from the DRC. The tightening of intermediate feedstock has already pushed spot cobalt hydroxide (the key cobalt intermediate) prices higher in recent weeks.

Fastmarkets’ daily price assessment for cobalt hydroxide 30% Co min, cif China, was $13.10-13.30 per lb on Tuesday August 20, unchanged from a day earlier but up from $11.75-12.20 per lb on June 20, prior to the DRC announcing the extension of the ban.

“China’s July import volume of cobalt intermediates still shows a decline due to the continuous cobalt export ban from the DRC, indicating that the availability of material in the market is gradually tightening. Currently, various low-priced cobalt products are also becoming increasingly scarce,” a cobalt trader said.

Despite the decrease, several market participants described the decline as “below expectations,” especially given July marked the fifth month of the DRC’s export restrictions.

“Before the data came out, most of us were expecting a drop of over 50%,” a second cobalt trader said. “The fact that it was less suggests there’s still material available outside the DRC under the ongoing cobalt export restrictions.”

A cobalt producer echoed this view, pointing to bonded zone inventories and the continuation of long-term contracts.

“The export figures are a little disappointing, higher than we expected. It shows there are still inventories, maybe in the bonded zone. We’ve heard some miners are still fulfilling long-term delivery contracts for hydroxide, so there’s still some material flowing, despite cobalt export restrictions,” a cobalt hydroxide consumer said.

Market response to Democratic Republic of Congo cobalt restrictions

Market sources said that the unexpectedly high import volume reinforces the view that there is no immediate supply shortage in the domestic market, regardless of strict cobalt export conditions.

“There’s no urgency to procure. The downstream smelters aren’t buying or producing actively, and with imports still showing available material, the market is likely to remain flat in the near term,” a second cobalt hydroxide consumer said. This situation reflects broader concerns about cobalt export restrictions.

Implications of the ban on Chinese metal exports

Meanwhile, Chinese cobalt metal exports remained steady. China exported 978 tonnes of cobalt metal in July, according to data from the GACC. This marks a 5% increase from 930 tonnes in June, and a 50% rise compared with the 654 tonnes shipped in July 2024.

The Netherlands remained the top export destination, receiving 629 tonnes in July, up 7.7% from 584 tonnes in June. The export pattern suggests that despite the cobalt export restrictions, some trade routes remain unaffected.

Market sources said the limited change in July exports reflects poor overseas buying interest amid low margins and high inventory levels in Europe.

“Exports are still happening, but at a relatively stable level. European inventories remain high, and with weak demand during the summer period, prices lack upward momentum,” a Chinese trader said. The market continues to adapt to ongoing cobalt export restrictions.

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