Cobalt Market Forecast: Top Trends for Cobalt in 2026

2026-01-19 16:55:00 ET

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 .

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