The price of cobalt dropped drastically at the end of last week, falling 9.99% within a 51.99% yearly increase according to Trading Economics.
Late last month, Mining.com.au reported the metal to be up 68.86% over the previous year to 25 August.
Cobalt is now trading at US$50,665 ($70,288) per tonne, with further growth forecast before the end of the quarter.
Trading Economics expects cobalt to trade at US$50,818 per tonne by the end of Q3, bringing the metal above what it was trading at prior to the drop.
Cobalt is primarily mined in the Democratic Republic of the Congo (DRC), Russia, Madagascar, Canada, and Australia.
Of the world’s top 10 cobalt mines, the top six mines are located in the DRC, while cobalt mines in Russia and Canada are often sourced as byproducts of nickel sulphide complexes.
The DRC accounts for over 75% of the world’s cobalt production, sourced from the two southern provinces of Lualaba and Haut-Katanga, Cobalt Institute reports.
Earlier in the year, the DRC outlined a total cobalt export quota of 96,600 tonnes over the 2026–27 financial year.
Commodity data group SunSirs reports that recent increases in cobalt prices reflect the export quota, along with controls on concentrate exports and policies that mandate in-country deep processing.
Cobalt and nickel exploration expenditures dropped to around $163 million in 2025, according to the Australian Government Department of Industry, Science and Resources’ (DISR) Resources and Energy Quarterly: June 2026.
This decrease is reported to follow negative demand drivers for the metals, including a shift to alternative battery chemistries and environmental, social, and governance concerns.
However, there is still positivity to stem for cobalt, spearheaded by continued growth in batteries needed for electric vehicles, as well as aerospace superalloys.
Write to Maddison Elliott at Mining.com.au
Main Image: Cobalt Institute
