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.

Explore the crucial role of cobalt in the production of lithium-ion batteries, its market volatility influenced by supply chain challenges, ethical concerns, and technological innovations, and how geopolitical factors impact its pricing.

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.

The London Metal Exchange (LME) cobalt price serves as a benchmark for cobalt prices worldwide and is determined by supply and demand dynamics. This article explores the factors influencing the price, the importance of cobalt in various industries, and how market participants use the price to inform their decisions. It also discusses the impact of geopolitical events on the price and the recent volatility experienced. Overall, the LME cobalt price is a key indicator for the global cobalt market.

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

Explore the factors influencing cobalt prices, a strategic metal vital for EV batteries and aerospace, including supply dynamics, geopolitical issues in the Democratic Republic of the Congo, tech advances, and sustainability efforts.

Discover the booming high-purity cobalt metal market! This comprehensive analysis reveals a projected $4.5B market by 2033, driven by EV batteries and renewable energy. Explore market size, CAGR, key players, and regional trends.

13420 Global exporters importers export import shipment records of Cobalt metal with prices, volume & current Buyer's suppliers relationships based on actual Global export trade database.

Discover the booming high-purity cobalt metal market! This in-depth analysis reveals a $2.5 billion market in 2025, projected to reach $4.2 billion by 2033, driven by EV batteries and other key applications. Explore market trends, regional insights, and top companies shaping this dynamic sector.

After slowing down due to the COVID-19 pandemic, demand for metals grew dramatically in 2021. This led to inflation and an unprecedented increases in their prices. Metals such as lithium and cobalt, needed for the production of batteries, were among the best performers in 2021, with a price return of around *** and *** percent, respectively. On the other hand, the prices of palladium and iron ore decreased by ** and ** percent, respectively.

Discover the booming electrolytic cobalt market! Our in-depth analysis reveals a $1.5 billion market in 2025, projecting a 7% CAGR through 2033, driven by EV adoption and renewable energy. Explore market segments, key players (Sumitomo, Nornickel, Umicore), and regional trends in this comprehensive report.

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.

160 Global import shipment records of Cobalt Metal with prices, volume & current Buyer's suppliers relationships based on actual Global export trade database.

Access updated Cobalt Metal Powder import data India with HS Code, price, importers list, Indian ports, exporting countries, and verified Cobalt Metal Powder buyers in India.

1 Ecuador import shipment records of Cobalt metal with prices, volume & current Buyer’s suppliers relationships based on actual Ecuador import trade database.

The high-purity cobalt metal market is booming, driven by electric vehicle and battery storage growth. This comprehensive analysis reveals market size, CAGR, key players (Umicore, Jinchuan Group, etc.), regional trends, and future projections (2025-2033). Discover insights into market drivers, restraints, and sustainable sourcing challenges.

The global cobalt metal powder market is experiencing robust growth, driven by the increasing demand from the electric vehicle (EV) battery sector and the broader renewable energy industry. The market size in 2025 is estimated at $2.5 billion, with a Compound Annual Growth Rate (CAGR) of 10% projected from 2025 to 2033. This significant expansion is fueled by the rising adoption of EVs worldwide, which necessitates large quantities of cobalt for their high-energy-density lithium-ion batteries. Furthermore, the growing demand for energy storage solutions in renewable energy systems, such as solar and wind power, contributes to the market's upward trajectory. Key players like Umicore, Freeport Cobalt, and Hanrui Cobalt are actively investing in expanding their production capacities to meet this surging demand. However, the market also faces challenges, including price volatility due to supply chain constraints and ethical sourcing concerns related to cobalt mining practices. These factors necessitate sustainable and responsible sourcing strategies to ensure the long-term viability and ethical integrity of the cobalt metal powder market. Despite these restraints, technological advancements in battery chemistry, exploring alternatives to cobalt or reducing its concentration in batteries, and the focus on recycling are expected to shape the future of the market. The increasing emphasis on circular economy models and responsible mining practices will be crucial for mitigating the environmental and social impact of cobalt extraction. Segmentation of the market is influenced by factors such as powder grade, application (batteries, magnets, etc.), and geographical region. North America and Europe are expected to be major consumers due to their advanced EV adoption rates and robust renewable energy sectors. Continued growth in Asia, particularly in China, is also anticipated, owing to its significant manufacturing base and developing EV market. The forecast period, 2025-2033, signifies a period of continued strong growth, albeit potentially with some fluctuations related to global economic conditions and technological developments.