We use cookies to improve your experience and for marketing. Read our cookie policy or manage cookies.

Accept essential cookies
Accept all cookies
Jan 30, 2025

Cobalt Prices Hit Historical Lows as Supply Gluts Continue

The global cobalt market is facing unprecedented price slumps, with current prices reaching their lowest point since 2016. According to a recent report by Mining.com, spot prices for cobalt have fallen to just above $11 per pound as supply vastly exceeds demand, particularly from the electric vehicle (EV) sector. The oversupply situation is largely attributed to increasing production in key mining regions.

In the Democratic Republic of the Congo (DRC), which supplies 80% of the global cobalt market, recent data from IndexBox reveals a substantial rise in cobalt export values, escalating from $2.4 billion in 2023 to $4.1 billion in 2024. This surge in exports underscores the scale of increased production, driven by a near 40% uplift in the country's cobalt output linked to booming copper mining operations. Meanwhile, export data reflects China as the principal buyer, with 2023 exports valued at $4.2 billion.

On the demand front, while the EV market is expanding, it's not absorbing the cobalt influx at the anticipated rate. According to Adamas Intelligence, 2025 is set to be a critical year when global EV battery capacity surpasses 1 terawatt-hour. Yet, this is less impactful than initially predicted given the rise of cobalt-free battery technologies such as lithium iron-phosphate (LFP), which dominated the Chinese market in late 2024 with a 65% market share.

In addition to the changing battery chemistry trends, the amount of cobalt per vehicle is shrinking as automakers shift towards high-nickel cathodes with reduced cobalt content, impacting cobalt demand. The diminishing value of cobalt in semiconductor design can be observed through its lowered industrial worth in EVs; the cobalt value in battery packs of newly sold EVs dropped to $1.2 billion last year from $1.9 billion in 2021, despite a notable rise in installed cobalt tonnage.

Considering these market dynamics, the outlook for cobalt prices remains bleak. While Indonesia continues to grow its capacity as a major nickel and cobalt byproduct producer, the DRC remains central to global supply chains despite its substantial input pushing down global market prices. The cobalt market faces the uphill task of balancing supply and demand without the usual corrective measures seen in smaller-scale artisanal mining.

Source: IndexBox Market Intelligence Platform

  1. 1. INTRODUCTION

    Making Data-Driven Decisions to Grow Your Business

    1. REPORT DESCRIPTION
    2. RESEARCH METHODOLOGY AND AI PLATFORM
    3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
    4. GLOSSARY AND SPECIFIC TERMS

  2. 2. EXECUTIVE SUMMARY

    A Quick Overview of Market Performance

    1. KEY FINDINGS
    2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO

  3. 3. MARKET OVERVIEW

    Understanding the Current State of The Market and Its Prospects

    1. MARKET SIZE
    2. MARKET STRUCTURE
    3. TRADE BALANCE
    4. PER CAPITA CONSUMPTION
    5. MARKET FORECAST TO 2030

  4. 4. MOST PROMISING PRODUCT

    Finding New Products to Diversify Your Business

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
    2. BEST-SELLING PRODUCTS
    3. MOST CONSUMED PRODUCT
    4. MOST TRADED PRODUCT
    5. MOST PROFITABLE PRODUCT FOR EXPORT

  5. 5. MOST PROMISING SUPPLYING COUNTRIES

    Choosing the Best Countries to Establish Your Sustainable Supply Chain

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
    2. TOP PRODUCING COUNTRIES
    3. TOP EXPORTING COUNTRIES
    4. LOW-COST EXPORTING COUNTRIES

  6. 6. MOST PROMISING OVERSEAS MARKETS

    Choosing the Best Countries to Boost Your Exports

    This Chapter is Available Only for the Professional Edition PRO
    1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
    2. TOP CONSUMING MARKETS
    3. UNSATURATED MARKETS
    4. TOP IMPORTING MARKETS
    5. MOST PROFITABLE MARKETS

  7. 7. PRODUCTION

    The Latest Trends and Insights into The Industry

    1. PRODUCTION VOLUME AND VALUE

  8. 8. IMPORTS

    The Largest Import Supplying Countries

    1. IMPORTS FROM 2012–2024
    2. IMPORTS BY COUNTRY
    3. IMPORT PRICES BY COUNTRY

  9. 9. EXPORTS

    The Largest Destinations for Exports

    1. EXPORTS FROM 2012–2024
    2. EXPORTS BY COUNTRY
    3. EXPORT PRICES BY COUNTRY

  10. 10. PROFILES OF MAJOR PRODUCERS

    The Largest Producers on The Market and Their Profiles

    This Chapter is Available Only for the Professional Edition PRO

  11. LIST OF TABLES

    1. Key Findings In 2024
    2. Market Volume, In Physical Terms, 2012–2024
    3. Market Value, 2012–2024
    4. Per Capita Consumption In 2012-2024
    5. Imports, In Physical Terms, By Country, 2012–2024
    6. Imports, In Value Terms, By Country, 2012–2024
    7. Import Prices, By Country Of Origin, 2012–2024
    8. Exports, In Physical Terms, By Country, 2012–2024
    9. Exports, In Value Terms, By Country, 2012–2024
    10. Export Prices, By Country Of Destination, 2012–2024

  12. LIST OF FIGURES

    1. Market Volume, In Physical Terms, 2012–2024
    2. Market Value, 2012–2024
    3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2024
    4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2024
    5. Trade Balance, In Physical Terms, 2012-2024
    6. Trade Balance, In Value Terms, 2012-2024
    7. Per Capita Consumption, 2012-2024
    8. Market Volume Forecast to 2030
    9. Market Value Forecast to 2030
    10. Products: Market Size And Growth, By Type
    11. Products: Average Per Capita Consumption, By Type
    12. Products: Exports And Growth, By Type
    13. Products: Export Prices And Growth, By Type
    14. Production Volume And Growth
    15. Exports And Growth
    16. Export Prices And Growth
    17. Market Size And Growth
    18. Per Capita Consumption
    19. Imports And Growth
    20. Import Prices
    21. Production, In Physical Terms, 2012–2024
    22. Production, In Value Terms, 2012–2024
    23. Imports, In Physical Terms, 2012–2024
    24. Imports, In Value Terms, 2012–2024
    25. Imports, In Physical Terms, By Country, 2024
    26. Imports, In Physical Terms, By Country, 2012–2024
    27. Imports, In Value Terms, By Country, 2012–2024
    28. Import Prices, By Country Of Origin, 2012–2024
    29. Exports, In Physical Terms, 2012–2024
    30. Exports, In Value Terms, 2012–2024
    31. Exports, In Physical Terms, By Country, 2024
    32. Exports, In Physical Terms, By Country, 2012–2024
    33. Exports, In Value Terms, By Country, 2012–2024
    34. Export Prices, By Country Of Destination, 2012–2024

Recommended posts

Free Data: Cobalt - Democratic Republic of the Congo
Table
Cobalt - Democratic Republic of the Congo - Table
Dashboard
Cobalt - Democratic Republic of the Congo - Dashboard
Report
Cobalt - Democratic Republic of the Congo - Report