Cobalt Price Trend

Cobalt Price Trend, Index and Forecast

Track the latest insights on cobalt price trend and forecast with detailed analysis of regional fluctuations and market dynamics across North America, Latin America, Central Europe, Western Europe, Eastern Europe, Middle East, North Africa, West Africa, Central and Southern Africa, Central Asia, Southeast Asia, South Asia, East Asia, and Oceania.

Cobalt Prices Outlook Q2 2025

• USA: US$ 32500/MT
• China: US$ 32450/MT
• Netherlands: US$ 35110/MT 
• United Kingdom: US$ 34100/MT
• India: US$ 33100/MT

Cobalt Price Chart

Get real-time access to monthly/quaterly/yearly prices, Request Sample

During the second quarter of 2025, the cobalt prices in the USA reached 32500 USD/MT in June. Cobalt prices in the USA were influenced by changes in the import flow of intermediate and refined materials, particularly from Africa and Asia. The electric vehicle and defense sectors maintained steady demand, while inventories at downstream manufacturers remained tightly managed. Logistics challenges, including port congestion on the West Coast, affected lead times. Fluctuations in energy and labor costs at processing and refining facilities also contributed to pricing pressures during the quarter.

During the second quarter of 2025, cobalt prices in China reached 32450 USD/MT in June. In China, cobalt prices were impacted by upstream supply availability from the Democratic Republic of the Congo, along with fluctuating costs of cobalt hydroxide imports. The demand from the battery and electronics sectors was dynamic, affected by variations in domestic electric vehicle production and export orders. Environmental compliance measures at refining facilities, combined with adjustments in strategic stockpiling by state enterprises, influenced the market's supply-demand balance throughout the quarter.

During the second quarter of 2025, the cobalt prices in the Netherlands reached 35110 USD/MT in June. Cobalt prices in the Netherlands were shaped by the role of Rotterdam as a key distribution hub for cobalt products entering the European market. Changes in customs clearance durations and container handling charges affected import dynamics. Demand from the aerospace and rechargeable battery sectors was steady, though procurement strategies shifted due to macroeconomic uncertainty. Market participants also adjusted sourcing routes to account for evolving trade patterns involving African-origin materials.

During the second quarter of 2025, the cobalt prices in the United Kingdom reached 34100 USD/MT in June. In the United Kingdom, cobalt prices were influenced by exchange rate volatility and shipping delays affecting inbound supplies from Asia and Africa. The aerospace and renewable energy sectors continued to support demand, while fluctuations in downstream battery manufacturing activity led to shifts in procurement volumes. Regulatory compliance requirements related to critical minerals created additional complexity in import documentation and sourcing, which had a downstream impact on transaction costs.

During the second quarter of 2025, the cobalt prices in India reached 33100 USD/MT in June. Cobalt prices in India were driven by variations in imported raw material costs and regional shipping rates, particularly for supplies from Africa and China. The demand from the electronics, defense, and battery manufacturing sectors was relatively steady, although changes in end-user purchasing cycles created fluctuations in order volumes. Domestic refining and blending operations experienced cost variability due to input energy prices and environmental control expenses, contributing to pricing shifts during the quarter.

Cobalt Prices Outlook Q1 2025

• USA: US$ 29500/MT
• China: US$ 34797/MT

Cobalt Prices Outlook H2 2023

• USA: US$ 37589/MT
• China: US$ 29657/MT

The price for cobalt in the second half of 2023 reached an average of 37589 USD/MT in the USA.

In China, the cobalt average price touched 29657 USD/MT in December 2023.

Regional Coverage 

The report provides a detailed analysis of the market across different regions, each with unique pricing dynamics influenced by localized market conditions, supply chain intricacies, and geopolitical factors. This includes price trends, price forecast and supply and demand trends for each region, along with spot prices by major ports. The report also provides coverage of FOB and CIF prices, as well as the key factors influencing the cobalt prices.

Global Cobalt Price Trend

The report offers a holistic view of the global cobalt pricing trends in the form of cobalt price charts, reflecting the worldwide interplay of supply-demand balances, international trade policies, and overarching economic factors that shape the market on a macro level. This comprehensive analysis not only highlights current price levels but also provides insights into historical price of cobalt, enabling stakeholders to understand past fluctuations and their underlying causes. The report also delves into price forecast models, projecting future price movements based on a variety of indicators such as expected changes in supply chain dynamics, anticipated policy shifts, and emerging market trends. By examining these factors, the report equips industry participants with the necessary tools to make informed strategic decisions, manage risks, and capitalize on market opportunities. Furthermore, it includes a detailed cobalt demand analysis, breaking down regional variations and identifying key drivers specific to each geographic market, thus offering a nuanced understanding of the global pricing landscape.

Europe Cobalt Price Trend

Q2 2025:

As per the cobalt price index, European prices were influenced by constrained supply flows from African mining sources due to regulatory and logistical bottlenecks at origin. Refining activities in key hubs such as Belgium and Finland experienced variations in operating costs due to fluctuating energy prices and labor inputs. The demand from the electric vehicle, aerospace, and electronics sectors remained strong, but inventory planning among manufacturers was cautious. Trade compliance measures on critical minerals added complexity to cross-border transactions, contributing to cost fluctuations.

H2 2023:

Europe's cobalt pricing trends are deeply affected by its stringent environmental regulations and the push towards sustainable and recycled materials. The automotive and aerospace industries in Europe, which demand high-quality specialty metals, further complicate the pricing landscape. Energy costs and the availability of renewable energy sources also significantly influence cobalt production costs. Additionally, the region's dependency on cobalt imports, coupled with fluctuating currency values, adds another layer of complexity to understanding price trends in this market.

Detailed price information for cobalt can also be provided for an extensive list of European countries.

North America Cobalt Price Trend

Q2 2025:

As per the cobalt price index, in North America, cobalt prices were impacted by shifts in procurement volumes from defense and automotive battery manufacturers, as well as changes in the availability of cobalt hydroxide from foreign suppliers. Transport disruptions along key Pacific and Gulf shipping routes affected delivery schedules. Refiners and processors in the United States and Canada faced cost pressures linked to regulatory compliance, energy prices, and evolving labor dynamics. Strategic purchasing decisions by downstream manufacturers also played a role in influencing regional price movements.

H2 2023:

In North America, cobalt prices are closely tied to technological advancements in extraction and processing techniques, which aim to reduce costs and enhance efficiency. The region's emphasis on defense and technology sectors, which require precise and high-grade metals, drives demand variability. Furthermore, trade policies, particularly those involving major trade partners like Canada and Mexico, heavily influence cobalt supply chains and pricing structures. The shift towards green energy and electric vehicles in North America also affects demand patterns for metals.

Specific cobalt historical data within the United States and Canada can also be provided.

Middle East and Africa Cobalt Price Trend

Q2 2025:

As per the cobalt price chart, the prices in the Middle East and Africa fluctuated due to a complex interplay of factors, primarily driven by supply chain disruptions, seasonal demand shifts, and geopolitical influences. A tight supply from refineries, exacerbated by maintenance rounds and unplanned outages, put pressure on prices. Simultaneously, demand from the agrochemical sector during the planting season contributed to price changes.

H2 2023:

The cobalt pricing trends in the Middle East and Africa are increasingly impacted by infrastructural developments and investments in the construction and transportation sectors. The region’s political climate and its effect on operational stability and security are also crucial in determining price trends. Additionally, the Middle East's strategic initiatives to diversify away from oil dependency and invest in mining and metal production capabilities are reshaping its market dynamics. In Africa, the availability of resources combined with foreign investment in mining projects heavily influences local and global cobalt supply and prices.

Region-wise data and information on specific countries within these regions can also be provided.

Asia Pacific Cobalt Price Trend

Q2 2025:

Cobalt prices in the Asia Pacific region were shaped by a mix of dynamic demand from electric vehicle and battery producers in China, South Korea, and Japan, and variable inbound supply from Africa. Refining capacity utilization in China responded to policy shifts and raw material availability. Competitive sourcing across regional markets led to shifts in trade routes, while fluctuations in industrial power tariffs affected refining and smelting margins. Currency movements across multiple economies also impacted landed costs.

H2 2023:

In the Asia Pacific region, cobalt pricing dynamics are significantly influenced by robust industrial growth and expanding manufacturing sectors, particularly in China and India. The region's high demand for metals is driven by its active construction industry and increasing investments in infrastructure projects. However, supply disruptions due to geopolitical tensions and regulatory changes in mining practices also play a critical role in shaping price fluctuations. Additionally, trade policies and import-export tariffs continue to impact the cost structures and availability of cobalt, making the Asia Pacific market a complex environment for price trend analysis.

This cobalt price analysis can be expanded to include a comprehensive list of countries within the region.

Latin America Cobalt Price Trend

H2 2023:

Latin America's cobalt market is predominantly influenced by its rich natural reserves, particularly in countries like Chile and Brazil. However, political instability and inconsistent regulatory frameworks can lead to significant volatility in cobalt prices. Infrastructure challenges and logistical inefficiencies often impact the supply chain, affecting the region's ability to meet international demand consistently. Moreover, economic fluctuations and currency devaluation are critical factors that need to be considered when analyzing cobalt pricing trends in this region.

This comprehensive review can be extended to include specific countries within Latin America.

Cobalt Price Trend, Market Analysis, and News

IMARC's latest publication, “Cobalt Prices, Trend, Chart, Demand, Market Analysis, News, Historical and Forecast Data Report 2025 Edition,” presents a detailed examination of the cobalt market, providing insights into both global and regional trends that are shaping prices. This report delves into the spot price of cobalt at major ports and analyzes the composition of prices, including FOB and CIF terms. It also presents detailed cobalt prices trend analysis by region, covering North America, Europe, Asia Pacific, Latin America, and Middle East and Africa. The factors affecting cobalt pricing, such as the dynamics of supply and demand, geopolitical influences, and sector-specific developments, are thoroughly explored. This comprehensive report helps stakeholders stay informed with the latest market news, regulatory updates, and technological progress, facilitating informed strategic decision-making and forecasting.

Cobalt Market Analysis

The global cobalt market size reached 235.75 Thousand Tons in 2024. By 2033, IMARC Group expects the market to reach 294.4 Thousand Tons, at a projected CAGR of 2.38% during 2025-2033.

• The surge in demand for electric vehicles (EVs) is one of the primary factors for the growth of the cobalt market. This metal is an important component in the production of lithium-ion batteries, which power EVs. As governments across the globe seek greener transportation options to mitigate climate change, the adoption of EVs has accelerated significantly. For instance, China has been making major strides by making efforts to increase EV sales from less than 1 million in 2019 to more than 20 million per year by 2035. Subsidies, tax incentives, and stricter emissions regulations by governments have ben majorly fueling the interest of consumers in EVs, which is subsequently boosting the use of cobalt as a means to attain sustainable transportation.
• The renewable energy sector relies this metal to produce high-performance batteries that are needed in energy storage systems. As countries around the world consistently adopt large-scale energy storage solutions in order to meet their renewable energy targets and reduce carbon footprints, the consumption of cobalt is also set to witness a hike. For instance, a record 31 gigawatts (GW) of solar energy capacity were installed in the US in 2023, which is a 55% hike from installations made in the year 2022. These installations make use of cobalt-based storage systems as they help in storing excess power generated during peak production periods and releasing it when demand is high.
• Cobalt's high melting point, strength at elevated temperatures, and resistance to wear and corrosion make it indispensable in the aerospace industry. It is ideal for producing superalloys that are used in jet engines and gas turbines. The aerospace industry's growth, which is fueled by increasing air travel and the creation of advanced aircraft, is bolstering the demand for this metal. In 2023, there were 976 million air passengers carried in the European Union (EU), a 19% increase compared to 2022. Globally, total traffic in 2023 rose 36.9% compared to 2022, which saw a hike of 94.1% of 2019 levels. This increased rate of air traffic across the globe has hiked the utilization of cobalt in maintaining and developing new aircraft across the globe.
• Cobalt is an essential component that is used in the production of many modern electronics, such as tablets, computers, and smartphones. It is extensively used in lithium-ion batteries, which power most portable electronics. In recent years, there has been a hike in consumer demand for high-performance and energy-efficient electronics which drives the need for this metal. The growth of the electronics industry has led to severe environmental issues, with 4% of global greenhouse gas (GHG) emissions attributed to it. This has created the need for energy-efficient solutions that make use of cobalt. Additionally, this metal is also used in the production of semiconductors, magnetic recording media, and other electronic components.

Cobalt News

The report covers the latest developments, updates, and trends impacting the global cobalt market, providing stakeholders with timely and relevant information. This segment covers a wide array of news items, including the inauguration of new production facilities, technological innovations, strategic market expansions by key industry players, and significant mergers and acquisitions that impact the cobalt price trend.

Latest developments in the cobalt industry:

• In April 2024, Glencore agreed to supply up to 7,000 tonnes(t) of contained cobalt per year to EVelution's facility. This alliance will support the establishment of EVelution’s first commercial-scale cobalt processing facility in the US. The parties entered a letter of intent (LOI), which outlines a long-term supply agreement for cobalt hydroxide, which is essential for the production of cobalt sulphate used in electric vehicle (EV) batteries.
• In April 2024, Eurasian Resources Group (ERG) signed a memorandum of understanding (MoU) with Mechema and Marubeni to supply cobalt to Japanese market. This agreement will explore the potential supply of cobalt hydroxide (up to 3ktCo per annum), and the production and marketing of cobalt sulfate.

Product Description

Cobalt is a hard, lustrous, and silver-gray metal that is found in the Earth's crust. It is combined with nickel and copper ores. It exists in several forms, including metallic cobalt and cobalt compounds such as cobalt oxide and salts. The element is known for its ferromagnetic properties, high melting point, and the ability to maintain strength at high temperatures. It finds application in the production of rechargeable batteries, magnets, jet engines, gas turbines, petroleum, and chemical industries. Additionally, it is used in hard metals, pigments, electroplating, and medical implants.

Cobalt offers numerous benefits, such as enhancing battery performance, increasing alloy strength, and improving wear resistance. It is also lauded for its thermal stability, high corrosion resistance, excellent magnetic properties, biocompatibility for medical applications, and significant role in sustainable energy technologies like electric vehicles (EVs) and renewable energy storage systems.

Report Coverage

Key Benefits for Stakeholders:

• IMARC’s report presents a detailed analysis of cobalt pricing, covering global and regional trends, spot prices at key ports, and a breakdown of ex-works, FOB, and CIF prices.
• The study examines factors affecting cobalt price trend, including supply-demand shifts and geopolitical impacts, offering insights for informed decision-making.
• The competitive landscape review equips stakeholders with crucial insights into the latest market news, regulatory changes, and technological advancements, ensuring a well-rounded, strategic overview for forecasting and planning.
• IMARC offers various subscription options, including monthly, quarterly, and biannual updates, allowing clients to stay informed with the latest market trends, ongoing developments, and comprehensive market insights. The cobalt price charts ensure our clients remain at the forefront of the industry.