Cobalt traded flat at 33,335 USD/T on August 28, 2025. Over the past month, Cobalt's price has remained flat, but it is still 37.18% higher than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Cobalt - values, historical data, forecasts and news - updated on September of 2025.

The futures price of cobalt ranged between ****** and ****** U.S. dollars per metric ton between August 2019 and May 2024. The impact of the COVID-19 crisis can be appreciated between March and July 2020, when cobalt futures prices dropped to around ****** U.S. dollars per metric ton. The first significant increase in this figure following the beginning of the pandemic was in August 2020, followed by a generalized increase throughout 2021 to the reach a peak of ****** U.S. dollars in March 2022. Futures vs. Spot prices Futures prices are delineated in futures contracts, which allow buying or selling a commodity at a predetermined price and date, helping investors forecast the market through futures prices. Almost ** billion futures contracts were traded worldwide in 2022. In comparison, spot prices indicate the current cost of buying a commodity. For example, the average cobalt spot price in the United States was ** U.S. dollars per pound in 2022. Cobalt in battery production Cobalt is a primary component of producing batteries, particularly lithium-ion batteries, used in various electronic devices, especially electric vehicles (EVs). EV batteries require a specific amount of cobalt, while conventional vehicles do not. With an increasing demand for lithium-ion batteries in EVs as the EV industry advances, the global cobalt market volume is expected to increase continuously by 2025.

In 2024, the average spot price of cobalt cathode in the U.S. stood at an estimated ** U.S. dollars per pound. That was a slight decrease compared to the previous year's spot price, which was **** U.S. dollars per pound. While cobalt spot prices have been on the rise in many recent years, they are still lower than in 2018, when the cobalt spot price reached a high of ***** U.S. dollars per pound. Cobalt prices Due to market surpluses of cobalt, prices of the mineral commodity have decreased compared to 2022. In 2022, the annual average global price for one metric ton of cobalt amounted to ****** U.S. dollars, while it is expected to decrease to ****** U.S. dollars per metric ton in 2024. The cobalt futures price as of February 2024 stood at ****** U.S. dollars per metric ton. Cobalt in the United States The largest share of cobalt consumption in the United States is attributable to superalloys, followed by chemical and ceramic uses, then steel alloys, and finally cemented carbides. Since the U.S. has only one domestic cobalt mine that opened in 2022, domestic demand is partially met through imports. Between 2019 and 2022, Norway was the largest supplier of cobalt imports to the United States. As of 2021, cobalt in its metal form had the highest value out of all cobalt imports to the United States.

Cobalt futures in China have surged due to the Democratic Republic of Congo extending its export ban, tightening global supply and affecting market dynamics.

Battery Metal Futures Trading Market Outlook

According to our latest research, the global Battery Metal Futures Trading market size reached USD 22.4 billion in 2024, reflecting the increasing demand for critical battery materials across multiple industries. The market is projected to grow at a robust CAGR of 12.8% during the forecast period, reaching an estimated USD 66.1 billion by 2033. This significant growth is primarily driven by the accelerated adoption of electric vehicles, expansion of renewable energy storage solutions, and heightened focus on supply chain security for strategic battery metals.

One of the primary growth factors for the Battery Metal Futures Trading market is the surging global demand for electric vehicles (EVs), which directly impacts the need for key battery metals such as lithium, cobalt, nickel, and graphite. As governments worldwide set ambitious targets for EV adoption and carbon neutrality, automakers are scaling up battery production capacities, driving up the consumption of these metals. Futures trading in battery metals has emerged as a crucial financial instrument, helping companies hedge against price volatility and secure long-term supply contracts. The growing sophistication of trading platforms and the introduction of new financial products tailored to battery metals are further fueling market expansion, providing greater transparency and liquidity for stakeholders across the value chain.

Another vital driver is the increasing integration of renewable energy sources like solar and wind, which necessitates advanced energy storage solutions. Battery storage systems, essential for grid stability and energy management, rely heavily on metals such as lithium and manganese. As energy storage projects proliferate, utilities and energy companies are leveraging battery metal futures contracts to manage procurement costs and mitigate supply risks. The entry of institutional investors and commodity trading houses into this market is also boosting trading volumes and fostering innovation in contract structures. This heightened participation is expected to enhance market maturity, attract new entrants, and drive further standardization of trading practices.

Additionally, the focus on supply chain resilience and ethical sourcing is prompting end-users, particularly in the automotive and electronics sectors, to secure long-term access to battery metals. Futures trading enables companies to lock in prices and ensure stable supply, reducing exposure to geopolitical uncertainties and regulatory fluctuations. The growing digitization of trading platforms, coupled with real-time data analytics and risk management tools, is making battery metal futures trading more accessible to a broader range of participants. As regulatory frameworks evolve and cross-border trading becomes more streamlined, the market is poised for sustained growth and increased globalization.

From a regional perspective, Asia Pacific continues to dominate the Battery Metal Futures Trading market, accounting for the largest share in 2024, followed by North America and Europe. The region’s leadership can be attributed to its robust manufacturing base, particularly in China, South Korea, and Japan, which are home to major battery producers and EV manufacturers. North America and Europe are witnessing rapid growth, driven by policy support, technological advancements, and significant investments in battery gigafactories. Meanwhile, Latin America and the Middle East & Africa are emerging as important suppliers of raw materials, further integrating into the global trading ecosystem. This dynamic regional interplay is shaping the competitive landscape and influencing market dynamics worldwide.

Metal Type Analysis

The battery metal futures trading market is segmented by metal type, including lithium, cobalt, nickel, graphite, manganese, and others. Among these, lithium remains the most actively traded metal, owing to its critical role in lithium-ion battery technologies that power electric vehicles and energy storage syste

Nickel rose to 15,475 USD/T on September 1, 2025, up 0.45% from the previous day. Over the past month, Nickel's price has risen 2.45%, but it is still 6.92% lower than a year ago, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Nickel - values, historical data, forecasts and news - updated on September of 2025.

Check out Market Research Intellect's Cobalt-free Battery Market Report, valued at USD 1.2 billion in 2024, with a projected growth to USD 4.5 billion by 2033 at a CAGR of 17.5% (2026-2033).

Check out Market Research Intellect's Cobalt-Chrome Alloys Sales Market Report, valued at USD 2.5 billion in 2024, with a projected growth to USD 4.0 billion by 2033 at a CAGR of 6.5% (2026-2033).

Check out Market Research Intellect's Cobalt(II) Chloride Market Report, valued at USD 450 million in 2024, with a projected growth to USD 750 million by 2033 at a CAGR of 7.5% (2026-2033).

This is the website of an academic group researching stocks and flows of metals. Modern society is made possible by the use of metals, and metals have historically been supplied from virgin stocks (ore bodies, mineral deposits, and the like). Other reservoirs exist, however, a principal one being materials or products in use, stored, or discarded over the years by corporations and individuals. These reservoirs might become very important in the next few decades of rapid population growth and resource and energy use. There are also concerns about the use of energy in the extraction and processing of metals, and realization that the loss of resources by dissipation or landfilling can sometimes be problematic from an environmental standpoint, and concerns over the short and long-term “criticality” of metals.

In the STAF project, we are evaluating current and historical flows of specific technologically significant materials, determining the stocks available in different types of reservoirs and the flows among the reservoirs, developing scenarios of possible futures of metal use, and assessing metal supply and demand. As of fall 2011, the group has completed work on copper, zinc, chromium, lead, iron, nickel, silver, and stainless steel, comprising complete cycle characterizations for all countries using significant amounts of these materials (more than 50), nine world regions including Europe, North America, and Asia, and the planet as a whole. Targeted studies of a few states and cities have also been accomplished. Specialized studies on tin, cobalt, tungsten, and aluminium have been done as well. These comprehensive cycles, and their interpretation and implications, are published in the scholarly literature as they are completed

Website: http://cie.research.yale.edu/project_main/stocks-and-flows-project-staf

Check out Market Research Intellect's Cobalt (II) Carbonate Powder Market Report, valued at USD 750 million in 2024, with a projected growth to USD 1.2 billion by 2033 at a CAGR of 6.2% (2026-2033).

Molybdenum rose to 520 CNY/Kg on August 29, 2025, up 0.02% from the previous day. Over the past month, Molybdenum's price has risen 7.66%, and is up 8.90% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Molybdenum - values, historical data, forecasts and news - updated on September of 2025.