Cobalt

The trends and forces driving the cobalt market

From continued growth in demand and market share for electric vehicles to the build-up of energy storage systems, cobalt is key in the global transformation to new energy sources. But there is a lack of diversity in the supply chain for battery and automakers. Roughly 70% of mined cobalt comes from the Democratic Republic of Congo – where the supply and reputational risks for manufacturers are well known – and 70% of cobalt processing occurs in China.

Logistics and shipping disruptions are still a key issue, and high prices for the battery material continue. In response, we’re seeing an even greater need for the recycling of cobalt for electric vehicles.

We provide data-driven insights and analysis to help you understand the market further. From cobalt price data to futures contracts, forecasts to market news, our experts provide you with intelligence on what’s driving the cobalt market.

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What’s happening in the cobalt market?

The structure of the cobalt market is changing as new, more diverse supply is brought to market and ESG considerations come more into focus. Get the latest cobalt news and analysis from our expert price reporters, analysts and researchers.

Glencore achieved a 40% year-on-year increase in cobalt output during 2022 to a total of 43,800 tonnes, the company said in its annual production report published on Wednesday February 1

Australia-based cobalt and nickel supplier Jervois Global has delayed the start of commercial production of cobalt concentrate at its mine in the US state of Idaho, it said in a quarterly update on Monday January 30

Fastmarkets looks ahead to 2023 and beyond at some key predictions for the battery materials market as the world continues to strive towards a new generation of energy markets

Cobalt forward contracts on the Chicago Mercantile Exchange (CME) hit new highs for volume and open interest during trading on Tuesday January 17

Volatility was one of the main themes for cobalt prices in 2022 and market participants will take a wait-and-see approach toward long-term supply contracts in the coming year

China has decided to remove its import tariff on cobalt metal (Harmonized System code 81052020), a move which is not expected to largely impact the domestic market due to weak demand for the metal, sources told Fastmarkets

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