Cobalt Intelligence Report

Cobalt has traded at $56,290/mt without a single weekly move since February 9, 2026 — 16 consecutive weeks of flat pricing. The price consolidation masks a market that shifted from surplus (2023) to structural deficit. DRC, which produces 73% of global mined cobalt, is reviewing export levy proposals that could tighten supply further. Meanwhile, Indonesian cobalt output from HPAL nickel processing grew 80% year-over-year, partially offsetting demand growth from the EV battery sector. This report analyzes the supply-demand balance, DRC policy risk, inventory positioning, and forward contracting strategy across three price scenarios.