Cobalt is lithium’s companion metal in nickel-based (NCM and NCA) battery cathodes, although cobalt-free LFP batteries now hold a large share of the market. Data below are from the USGS Mineral Commodity Summaries 2026.
Cobalt prices
| Year | US spot cathode (US$/lb) | LME cash (US$/lb) |
|---|---|---|
| 2021 | 24.21 | 23.17 |
| 2022 | 30.78 | 28.83 |
| 2023 | 17.20 | 15.48 |
| 2024 | 16.77 | 11.84 |
| 2025e | 21 | 15 |
Annual averages. US spot cathode from S&P Global Platts Metals Week, via USGS. 1 lb = 0.4536 kg, so US$21/lb is about US$46,300 per tonne.
The Congo export ban and quotas
The Democratic Republic of the Congo (DRC), which mined an estimated 73% of the world’s cobalt in 2025, temporarily banned cobalt exports in February 2025 to tackle oversupply and low prices. In October 2025 the ban was replaced by export quotas: 18,125 t of contained cobalt for the rest of 2025 and up to 96,600 t per year in 2026 and 2027, including 9,600 t for national strategic reserves. The supply uncertainty lifted prices in 2025.
Cobalt mine production by country
| Country | 2024 (t Co) | 2025e (t Co) | Reserves (t) |
|---|---|---|---|
| Congo (Kinshasa) | 226,000 | 230,000 | 6,000,000 |
| Indonesia | 35,000 | 44,000 | 760,000 |
| Russia | 8,000 | 7,700 | 800,000 |
| Madagascar | 3,100 | 3,900 | 100,000 |
| Australia | 4,780 | 3,700 | 1,700,000 |
| Philippines | 3,100 | 3,700 | 260,000 |
| Canada | 3,350 | 3,500 | 220,000 |
| Papua New Guinea | 2,630 | 2,800 | 84,000 |
| China | 2,000 | 2,000 | 160,000 |
| Cuba | 3,450 | 2,000 | 500,000 |
| World total | 302,000 | 310,000 | 12,000,000 |
China is the leading producer of refined cobalt and the leading consumer, mainly for lithium-ion batteries. Indonesia’s share is rising as a by-product of nickel laterite processing.
Cobalt and lithium
- Cobalt improves the stability of nickel-rich cathodes; manufacturers have steadily reduced cobalt content (for example from NCM 111 to NCM 811).
- LFP batteries use no cobalt or nickel, which is one reason lithium carbonate demand has grown faster than cobalt demand.
- Most cobalt is a by-product of copper (DRC) and nickel (Indonesia, Australia, Canada, Russia) mining, so its supply responds to those markets rather than to cobalt prices alone.
Live charts: cobalt-exposed companies
CMOC and Glencore are the largest cobalt miners in the DRC; Huayou is a major Chinese cobalt refiner and battery-materials maker; Vale produces cobalt as a by-product of nickel. These are company share prices, not cobalt prices.