1. Spot cobalt metal price – early June 2026 - Trading Economics: cobalt at ~56,290 USD/tonne (≈56.3 USD/kg) on 4 June 2026, flat over the past month but ~67% higher YoY. - CME cobalt metal rose from ~22,000 USD/tonne in Feb 2025 to ~57,000 USD/tonne by Dec 2025, illustrating how current levels embed the 2025–26 bull run. - Regional physical prices for Q4 2025 were in the low–mid 30,000 USD/tonne range, rising to ~60,400 USD/tonne in China and India by April 2026, indicating a strong upward shift into 2026. 2. Supply situation (June 2026 context) - DRC remains >50% of mined cobalt supply; over
1. Spot cobalt metal price – early June 2026 - Trading Economics: cobalt at ~56,290 USD/tonne (≈56.3 USD/kg) on 4 June 2026, flat over the past month but ~67% higher YoY. - CME cobalt metal rose from ~22,000 USD/tonne in Feb 2025 to ~57,000 USD/tonne by Dec 2025, illustrating how current levels embed the 2025–26 bull run.
- Regional physical prices for Q4 2025 were in the low–mid 30,000 USD/tonne range, rising to ~60,400 USD/tonne in China and India by April 2026, indicating a strong upward shift into 2026. 2. Supply situation (June 2026 context) - DRC remains >50% of mined cobalt supply; over 70% of raw supply is controlled by large conglomerates operating mainly in the DRC and refined in China, leaving the market highly concentrated and geopolitically exposed.
- DRC policy: a temporary export ban in 2025 was replaced by a quota system capping exports at 96,600 t/year in 2026–27, with 9,600 t going into national reserves; major producers such as CMOC and Glencore received limited allocations, tightening seaborne availability.
- Fastmarkets notes that the DRC quota and feedstock bottlenecks flipped the market from oversupply in 2025 to a projected deficit into 2026, doubling cobalt metal prices and quadrupling hydroxide prices in 2025; backlog clearances in Q2 2026 only partially ease tightness. - China inventories: SMM reports that upstream/downstream raw material stocks are sufficient to cover supply to roughly June 2026, with concentrated arrival of previously delayed inte
Procurement teams should maintain flexible sourcing strategies for Cobalt Metal given the evolving market dynamics. Monitor supply-side developments, inventory trends, and demand signals from end-use sectors. Consider layered hedging against price volatility and diversify supplier exposure to manage risk.