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.

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

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.

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.

This dataset provides values for COBALT reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

Monthly and long-term cobalt price data (US$/mt): historical series and analyst forecasts curated by FocusEconomics.

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Cobalt Market Size 2025-2029

The cobalt market size is forecast to increase by USD 9.17 billion at a CAGR of 12.9% between 2024 and 2029.

The market is experiencing significant growth, driven primarily by the increasing adoption of electric vehicles (EVs) and their batteries, which rely heavily on cobalt for their production. The market is further fueled by the rising number of mining projects aimed at meeting the surging demand for this critical mineral. However, the market's growth trajectory is not without challenges. Regulatory hurdles, particularly those related to ethical sourcing and environmental concerns, impact adoption and pose a significant challenge. Cobalt mining, primarily in the Democratic Republic of Congo, has been linked to human rights abuses and child labor, leading to increased scrutiny and potential regulatory restrictions. The market is experiencing significant growth due to the expanding electric vehicle industry, which utilizes this mineral as a crucial component in lithium-ion batteries.
Moreover, supply chain inconsistencies, including the lack of transparency and reliability, temper growth potential and add complexity to the market landscape. Companies seeking to capitalize on market opportunities must navigate these challenges effectively by ensuring ethical sourcing, improving supply chain transparency, and investing in alternative, more sustainable sources of cobalt.

What will be the Size of the Cobalt Market during the forecast period?

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The market is experiencing significant dynamics and trends, driven by the increasing demand for batteries in various industries. Cobalt, a crucial component in battery production, is under scrutiny due to sustainability concerns and the exploration of alternatives. Hydrometallurgical extraction and solvent extraction processes are gaining traction as potential cobalt supply chain solutions, while cobalt price forecasting remains a critical factor in the industry. Battery efficiency and performance are key considerations in the market, with the development of solid-state batteries and nickel-rich and manganese-rich cathodes. Recycling technologies and ethical cobalt sourcing are also essential as the industry addresses battery safety concerns and the issue of conflict minerals. Cobalt, a crucial element in various industries, has gained significant attention due to its essential role in battery production for renewable energy sources and electric vehicle.
Cobalt reduction and substitution are ongoing efforts to mitigate sustainability issues and reduce reliance on primary mining. Cobalt purification and trading are integral to maintaining the quality and consistency of the supply chain. The future of the market hinges on the successful implementation of these trends and the continued innovation in battery technology. Cobalt-free batteries are a promising alternative, but their adoption remains limited due to battery life and consumption concerns. Leaching processes and regulatory frameworks for cobalt mining are also evolving to address sustainability and ethical sourcing issues. Overall, the market is undergoing transformative changes, driven by the need for sustainable and ethical battery production. Cobalt is a key component in lithium-ion batteries, which are widely used in electric vehicles and renewable energy storage systems
The integration of alternative materials and advanced extraction techniques, along with regulatory compliance and ethical sourcing, will shape the future of the industry.

How is this Cobalt Industry segmented?

The cobalt industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD million' for the period 2025-2029, as well as historical data from 2019-2023 for the following segments.

Type

  Cobalt sulfate
  Cobalt oxide
  Cobalt metal


Application

  Batteries and electronics
  Super alloys
  Pigments
  Hard materials
  Others


Form Factor

  Chemical compound
  Metal
  Purchased scrap


End-user

  Electronics
  Automotive
  Aerospace
  Medical
  Others


Geography

  North America

    US
    Canada


  Europe

    Russia
    UK


  APAC

    Australia
    China
    India
    Japan
    South Korea


  South America

    Brazil


  Rest of World (ROW)

By Type Insights

The cobalt sulfate segment is estimated to witness significant growth during the forecast period. Cobalt, a critical component in the production of battery materials, particularly cobalt sulfate, plays a pivotal role in powering various industries. The electric vehicle sector's expansion, driven by consumer preferences for sustainable transportation and government incentives, significantly increases the demand for cobalt. Cobalt mining and mineral processing are essential for extracting this mineral, with geochemical exploration guiding mine development. How

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.

This dataset includes the underlying data for each figure and table, as well as the raw model output data, for the publication: Modeling interconnected minerals markets with multicommodity supply curves: examining the copper-cobalt-nickel system, published in Nature Communications.

This dataset provides values for COBALT reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

Stock Price Time Series for Nanjing Hanrui Cobalt Co Ltd. Nanjing Hanrui Cobalt Co.,Ltd. engages in the extraction of cobalt and copper ores. Its product portfolio includes cobalt hydroxide, electrolytic copper, and electrolytic cobalt; cobalt salts; and cobalt powders. The company engages in ore purchase, mining and processing, equipment and auxiliary materials, transportation, salt production, sale battery, research and development, trading, equity investment, funding, investment consulting, industrial investment, asset management, cargo trade, new material technology, battery parts, and pieces production activities. It operates in Japan, South Korea, Switzerland, Israel, India, and the United States. The company was founded in 1997 and is headquartered in Nanjing, China.

Iran Imports from Germany of Cobalt Oxides and Hydroxides, Commercial Cobalt Oxides was US$184.91 Thousand during 2019, according to the United Nations COMTRADE database on international trade. Iran Imports from Germany of Cobalt Oxides and Hydroxides, Commercial Cobalt Oxides - data, historical chart and statistics - was last updated on November of 2025.

Pakistan Imports from Finland of Cobalt Oxides and Hydroxides, Commercial Cobalt Oxides was US$154.4 Thousand during 2024, according to the United Nations COMTRADE database on international trade. Pakistan Imports from Finland of Cobalt Oxides and Hydroxides, Commercial Cobalt Oxides - data, historical chart and statistics - was last updated on November of 2025.

Serbia Imports from Italy of Cobalt Ores and Concentrates was US$2.33 Thousand during 2024, according to the United Nations COMTRADE database on international trade. Serbia Imports from Italy of Cobalt Ores and Concentrates - data, historical chart and statistics - was last updated on December of 2025.

Palau Imports of Cobalt Oxides and Hydroxides, Commercial Cobalt Oxides was US$67 during 2012, according to the United Nations COMTRADE database on international trade. Palau Imports of Cobalt Oxides and Hydroxides, Commercial Cobalt Oxides - data, historical chart and statistics - was last updated on December of 2025.

Mali Imports of cobalt oxides and hydroxides, commercial cobalt oxides from Canada was US$144 during 2019, according to the United Nations COMTRADE database on international trade. Mali Imports of cobalt oxides and hydroxides, commercial cobalt oxides from Canada - data, historical chart and statistics - was last updated on November of 2025.

France Imports of cobalt ores and concentrates from Israel was US$97 during 2019, according to the United Nations COMTRADE database on international trade. France Imports of cobalt ores and concentrates from Israel - data, historical chart and statistics - was last updated on November of 2025.

United States Imports from Russia of Cobalt Ores and Concentrates was US$773.93 Thousand during 2022, according to the United Nations COMTRADE database on international trade. United States Imports from Russia of Cobalt Ores and Concentrates - data, historical chart and statistics - was last updated on December of 2025.

United States Imports from Germany of Cobalt Ores and Concentrates was US$97.18 Thousand during 2024, according to the United Nations COMTRADE database on international trade. United States Imports from Germany of Cobalt Ores and Concentrates - data, historical chart and statistics - was last updated on December of 2025.

Germany Exports of cobalt ores and concentrates to Italy was US$8.61 Thousand during 2021, according to the United Nations COMTRADE database on international trade. Germany Exports of cobalt ores and concentrates to Italy - data, historical chart and statistics - was last updated on November of 2025.