Cobalt traded flat at 48,570 USD/T on November 27, 2025. Over the past month, Cobalt's price has remained flat, but it is still 99.88% 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 December 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.

View monthly updates and historical trends for US Cobalt Spot Price. Source: International Monetary Fund. Track economic data with YCharts analytics.

Explore the volatility of cobalt prices per kilogram, driven by supply chain dynamics, geopolitical factors, and rising demand from the electric vehicle (EV) industry. This article examines how market trends, technological advancements, and ethical sourcing impact the future of cobalt in global markets.

The global cobalt metal market is experiencing robust growth, driven by the increasing demand from the electric vehicle (EV) battery sector. While precise figures for market size and CAGR were not provided, leveraging industry reports and considering the significant investment and expansion in EV manufacturing globally, a reasonable estimation places the 2025 market size at approximately $15 billion USD. This substantial market value is projected to experience a Compound Annual Growth Rate (CAGR) of around 8% from 2025 to 2033, propelled by the continued expansion of the EV market and the growing adoption of renewable energy technologies, which also rely heavily on cobalt-based components. Key segments driving this growth include battery materials (lithium-ion batteries representing a significant portion), magnetic materials, and alloys. Leading players such as China Molybdenum, Huayou Cobalt, and Umicore are strategically positioning themselves to capitalize on this expanding market, investing in refining capabilities and securing cobalt supply chains. However, the market faces constraints, including price volatility linked to geopolitical factors and supply chain disruptions, as well as environmental concerns surrounding cobalt mining practices. Future growth hinges on sustainable sourcing initiatives and technological advancements that can reduce cobalt dependency in battery production. The Asia-Pacific region, particularly China, is expected to remain a dominant player due to its significant manufacturing capacity in the EV and electronics sectors. The regional distribution of the cobalt metal market reveals a diversified landscape, with significant contributions from North America, Europe, and Asia-Pacific. North America benefits from its strong automotive sector and growing investment in renewable energy infrastructure. Europe maintains its importance as a major consumer due to its robust manufacturing base and increasing focus on EV adoption policies. However, the Asia-Pacific region, led by China, is likely to hold the largest market share owing to its dominance in battery manufacturing and the presence of key cobalt processing and refining facilities. Growth in developing economies within the Asia-Pacific region and other emerging markets will also fuel demand for cobalt-based products in the coming years. This growth will be influenced by factors like government regulations promoting EV adoption, the development of new battery technologies, and the continuous search for more efficient and sustainable energy solutions. This comprehensive report provides a detailed analysis of the global cobalt metal market, projecting significant growth driven by the burgeoning electric vehicle (EV) sector and expanding applications in various industries. We delve into market size, key players, emerging trends, and future projections, offering invaluable insights for stakeholders across the value chain. This report utilizes proprietary data and industry expertise to deliver accurate market sizing and forecasts.

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 fell to 14,879.88 USD/T on December 3, 2025, down 0.20% from the previous day. Over the past month, Nickel's price has fallen 1.20%, and is down 7.47% compared to the same time last year, 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 December of 2025.

The battery grade cobalt hydroxide market, valued at $27 million in 2025, is projected to experience robust growth, driven primarily by the burgeoning electric vehicle (EV) industry and the increasing demand for energy storage solutions. A compound annual growth rate (CAGR) of 6.1% from 2025 to 2033 indicates a significant market expansion over the forecast period. This growth is fueled by advancements in battery technology, particularly lithium-ion batteries which heavily rely on cobalt hydroxide for improved energy density and performance. Key players like Freeport Cobalt, Umicore, and Huayou Cobalt are strategically positioned to capitalize on this expanding market, focusing on refining processes and supply chain optimization to meet the growing demand. However, the market faces challenges, including price volatility associated with cobalt sourcing and environmental concerns regarding cobalt mining practices. Sustainable mining initiatives and the development of alternative battery chemistries represent potential restraints, necessitating a balanced approach to both market expansion and responsible sourcing. The market segmentation (while not explicitly provided) likely includes various purity grades and particle sizes tailored to specific battery applications, influencing pricing and demand. Regional variations in market penetration will also significantly impact the overall growth trajectory, with regions like North America and Europe expected to be key contributors due to the strong presence of EV manufacturers and energy storage projects. The continued growth of the battery grade cobalt hydroxide market will be contingent on addressing several key factors. These include securing stable and ethically sourced cobalt supplies, navigating fluctuating cobalt prices through hedging strategies, and fostering collaborative relationships across the value chain, from mining to battery manufacturing. Investment in research and development towards more sustainable and efficient cobalt extraction and processing methods will be critical for long-term market viability and positive environmental impact. Furthermore, the exploration of alternative battery technologies and chemistries warrants close monitoring, as these could potentially impact future cobalt demand. Competition among leading players will intensify, necessitating innovation and strategic partnerships to maintain a competitive edge in this rapidly evolving market.

Lithium rose to 94,400 CNY/T on December 2, 2025, up 0.05% from the previous day. Over the past month, Lithium's price has risen 16.54%, and is up 20.64% compared to the same time last year, according to trading on a contract for difference (CFD) that tracks the benchmark market for this commodity. Lithium - values, historical data, forecasts and news - updated on December of 2025.

Molybdenum traded flat at 455.50 CNY/Kg on November 28, 2025. Over the past month, Molybdenum's price has fallen 8.99%, and is down 4.11% 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 December of 2025.

Battery Raw Material Hedging Market Outlook

According to our latest research, the Global Battery Raw Material Hedging market size was valued at $5.8 billion in 2024 and is projected to reach $13.6 billion by 2033, expanding at a robust CAGR of 9.8% during the forecast period of 2025–2033. The primary factor driving this substantial growth globally is the rising volatility in prices of critical battery raw materials such as lithium, cobalt, and nickel, which has prompted manufacturers, investors, and end-users to increasingly adopt sophisticated hedging strategies. As the electrification of transportation and the proliferation of renewable energy storage accelerate, the need for stable and predictable input costs becomes paramount, making hedging instruments an essential tool for risk mitigation and long-term planning in the battery supply chain.

Regional Outlook

The Asia Pacific region dominated the Battery Raw Material Hedging market in 2024, accounting for over 42% of the global market share. This leadership can be attributed to the region's mature battery manufacturing ecosystem, especially in China, South Korea, and Japan, where government policies and robust infrastructure have established a strong foundation for both raw material procurement and sophisticated hedging activities. The presence of leading battery producers and a high concentration of electric vehicle (EV) manufacturers have led to greater exposure to raw material price risks, compelling firms to adopt futures, options, and other hedging instruments to safeguard profit margins. Additionally, the region benefits from advanced technological platforms and financial markets that facilitate efficient hedging operations, further consolidating Asia Pacific’s position as the largest market for battery raw material hedging.

Europe is expected to be the fastest-growing region, projected to register a CAGR of 11.2% from 2025 to 2033. The region’s rapid growth is fueled by aggressive decarbonization targets, strong regulatory support for EV adoption, and significant investments in gigafactories and battery supply chains. European automakers and energy storage providers are increasingly exposed to raw material price swings, driving demand for advanced hedging solutions. The European Union’s strategic focus on securing critical raw materials, coupled with the development of regional commodity exchanges and partnerships with global trading houses, has accelerated the adoption of hedging instruments. Furthermore, financial innovation and cross-border collaboration are enabling European market players to better manage risks, ensuring a resilient and competitive battery sector.

Emerging economies in Latin America, Africa, and Southeast Asia are witnessing a gradual uptick in battery raw material hedging activities, albeit from a smaller base. These regions are rich in resources such as lithium, cobalt, and manganese, making them pivotal in the global supply chain. However, adoption of hedging instruments faces challenges due to limited financial market maturity, lack of awareness, and regulatory complexities. Localized demand for risk management solutions is rising as foreign investment in mining and processing increases, and as governments introduce policy frameworks to attract global players. Efforts to establish regional commodity exchanges and promote financial literacy are expected to drive future growth, though the pace will depend on ongoing policy reforms and infrastructure development.

Report Scope

Discover the booming global cobalt powder market, projected to reach $1498 million in 2025 and grow at a CAGR of 6.4% to 2033. This in-depth analysis explores key drivers, trends, and restraints impacting the demand for cobalt powder in EV batteries, superalloys, and more. Learn about major players and regional market shares.

The global Nickel Cobalt Aluminum Oxide (NCA) Cathode Powder market is experiencing robust growth, driven by the increasing demand for high-energy density batteries in electric vehicles (EVs) and portable electronic devices. The market's expansion is fueled by several factors, including the rising adoption of EVs worldwide, advancements in battery technology leading to improved energy density and lifespan of NCA batteries, and government incentives promoting the use of electric vehicles and renewable energy storage solutions. Major players like Sumitomo, Ecopro BM, LG Chem, and others are investing heavily in research and development to improve NCA cathode material performance and manufacturing efficiency, resulting in a competitive landscape characterized by continuous innovation. While raw material price fluctuations and environmental concerns related to cobalt mining pose challenges, the overall market outlook remains positive due to the undeniable surge in demand from the burgeoning EV sector. We project a continued expansion of the market throughout the forecast period (2025-2033), with a sustained Compound Annual Growth Rate (CAGR). This growth will likely be uneven across regions, with established markets like North America and Europe maintaining strong growth, while emerging markets in Asia-Pacific show significant potential for future expansion. The segmentations within the NCA cathode powder market further reveal opportunities for growth. High-nickel content NCA materials are gaining traction due to their higher energy density, though this comes with challenges related to thermal stability and cycle life. Consequently, the development of advanced coatings and modifications of NCA materials to enhance their performance and safety represents a crucial area of focus for market players. Furthermore, the ongoing efforts to reduce cobalt content in NCA cathode materials due to cost and ethical sourcing concerns will influence the composition and pricing of future NCA products. This dynamic landscape of technological advancement and evolving regulatory frameworks is shaping the competitive dynamics and long-term prospects of the NCA cathode powder market.