Cobalt metal prices have trended steadily higher since September of last year, entering 2026 at US$56,414 per metric ton and touching highs unseen since July 2022. The cobalt market staged a dramatic reversal in 2025, shifting from deep oversupply to structural tightening after decisive intervention by the Democratic Republic of Congo (DRC). Prices began last year near nine year lows amid a lingering glut, but surged after the DRC, responsible for roughly three-quarters of global supply, imposed an export ban in February, later replaced by strict quotas. By the end of the year, cobalt metal prices had more than doubled, underscoring how quickly supply-side policy reshaped market fundamentals. What emerged was not a demand-driven recovery, but a supply-led reset. Indonesian output, largely tied to nickel processing, helped cushion the shock but proved insufficient to replace lost Congolese units. As inventories thinned and quotas capped future exports, the market exited 2025…
