In 2024, the average spot price of cobalt cathode in the U.S. stood at an estimated 17 U.S. dollars per pound. That was a slight decrease compared to the previous year's spot price, which was 17.2 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 37.43 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 63,739 U.S. dollars, while it is expected to decrease to 50,320 U.S. dollars per metric ton in 2024. The cobalt futures price as of February 2024 stood at 28,137 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 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.

Cobalt increased 9,310 USD/T or 38.31% since the beginning of 2025, 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 March of 2025.

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 futures price of cobalt ranged between 27,000 and 82,000 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 28,500 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 81,860 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 30 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 31 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.

Explore the factors affecting the price of cobalt chrome alloy per kilogram, including market demand, alloy purity, and economic conditions, as well as its use in industries like aerospace and medical implants. Learn how composition variations, geopolitical factors, and production capabilities impact pricing and get insights on the current price range from $300-$500 per kg as of 2023.

In 2021, a pound of cobalt cost around 25 U.S. dollars. Comparatively, the price of a pound of iron stood well under one U.S. dollar, at around eight cents. Lithium-ion batteries used in electric vehicles rely heavily on cobalt containing cathodes, but cobalt supply chain issues have inflated cobalt prices in the past years. With increasing sales of electric vehicles worldwide, the industry will need to look into other metal alternatives for vehicle batteries.

The Democratic Republic of the Congo has the largest cobalt reserves in the world, at some six million metric tons as of 2024. With the world's total cobalt reserves amounting to 11 million metric tons that year, the DR Congo accounted for more than half of the worldwide reserves of the metal. This was followed by Australia, which held an impressive 1.7 million metric tons of the global cobalt reserves in 2024. Cobalt: coveted, yet not so rare Although cobalt is not especially rare – ranking 32nd in global abundance among metals – it has become an increasingly important commodity due to its use in batteries, as well as in alloys, chemicals and ceramics, cemented carbides, and more. It is forecast that in 2040, the global cobalt demand for use in batteries will amount to 260,000 tons, up from 70,000 metric tons in recent years. Cobalt's use in batteries applies particularly to the batteries of electric cars which have transformed the demand for this metal; in 2024 the price of cobalt stood at 17 U.S. dollars per pound. U.S. cobalt consumption The United States used some 8,300 metric tons of cobalt in 2023, based on apparent consumption. Cobalt supply in the North American country is achieved primarily through imports and scrap materials. Most of the country's consumption of this metal is destined to the production of superalloys, followed by chemical and ceramic uses.

Nickel increased 995.38 USD/MT or 6.51% since the beginning of 2025, 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 March of 2025.

Molybdenum decreased 20 CNY/Kg or 4.26% since the beginning of 2025, 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 March of 2025.