Cobalt traded flat at 42,725 USD/T on October 15, 2025. Over the past month, Cobalt's price has risen 28.17%, and is up 75.82% compared to the same time last year, 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 October 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.

In the second quarter (Q2) of 2025, the average price of cobalt metal worldwide amounted to ****** U.S. dollars per metric ton. That was the highest cobalt metal price observed during the period of consideration.

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.

Zambia Commodity Prices: Cobalt data was reported at 60,402.170 USD/Tonne in Oct 2018. This records a decrease from the previous number of 62,912.500 USD/Tonne for Sep 2018. Zambia Commodity Prices: Cobalt data is updated monthly, averaging 28,040.914 USD/Tonne from Jan 2013 (Median) to Oct 2018, with 70 observations. The data reached an all-time high of 90,887.500 USD/Tonne in Apr 2018 and a record low of 17,945.631 USD/Tonne in Mar 2013. Zambia Commodity Prices: Cobalt data remains active status in CEIC and is reported by Bank of Zambia. The data is categorized under Global Database’s Zambia – Table ZM.P001: Commodity Price.

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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 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 market is valued at 16.12 billion in 2024 and is expected to reach USD 34.73 billion by 2035, representing a CAGR of 7.23% during the forecast period.

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.

In 2023, after two years of decline, there was significant growth in purchases abroad of cobalt, when their volume increased by 7.6% to 8K tons.

Get the latest insights on price movement and trend analysis of Cobalt Acetate in different regions across the world (Asia, Europe, North America, Latin America, and the Middle East Africa).

Zhejiang Huayou Cobalt stock price, live market quote, shares value, historical data, intraday chart, earnings per share and news.

The global cobalt market surged to $X in 2021, rising by 22% against the previous year. Over the period under review, consumption, however, saw resilient growth. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the global market remained at a somewhat lower figure.

In 2023, supplies from abroad of cobalt increased by 0% to 754 kg for the first time since 2020, thus ending a two-year declining trend.

Cobalt is available in various forms, including chemical compounds, metal, and purchased scrap. Chemical compounds, comprising cobalt salts and oxides, find applications in catalysts, pigments, and magnetic materials. Metallic cobalt is utilized in super alloys, hardfacing materials, and coatings. Purchased scrap plays a significant role in recycling and waste reduction efforts. Recent developments include: December 2021 - , In December 2021, Kabanga Nickel announced their plan to invest heavily in their upcoming project of nickel-cobalt-copper property to increase their production., April 2022 - , In April 2022, Glencore and General Motors signed a sourcing agreement, where Glencore will be bound to supply cobalt from its Murrin operations to General Motors. , March 2022 - , In March 2022, MMG announced its business expansion in the Democratic Republic of Congo (DRC) by investing about USD 500 million., . Key drivers for this market are: The Cobalt Market is propelled by several driving forces. The rising popularity of electric vehicles and their growing battery capacity requirements drive cobalt demand. The increasing adoption of cobalt-based catalysts in various industries and the expanding use of cobalt in energy storage systems further contribute to market growth.. Potential restraints include: The Cobalt Market faces certain challenges and restraints. Concerns over the sustainable and ethical sourcing of cobalt, particularly from conflict-prone regions, pose a challenge. The dependence on a few key production regions, such as the Democratic Republic of Congo, raises supply chain vulnerability concerns. Additionally, market dynamics may be impacted by fluctuations in the price of cobalt.. Notable trends are: Growing demand for polymerization and blowing agents.

The global cobalt market, valued at $9.76 billion in 2025, is projected to experience robust growth, driven primarily by the burgeoning electric vehicle (EV) industry's insatiable demand for lithium-ion batteries. A compound annual growth rate (CAGR) of 12.73% from 2025 to 2033 indicates a significant expansion, reaching an estimated market value exceeding $30 billion by 2033. This growth is fueled by increasing investments in renewable energy infrastructure and the expanding adoption of consumer electronics incorporating cobalt-based components. Key applications like batteries and electronics represent the largest market segments, while superalloys, pigments, and hard materials contribute significantly. Geographic distribution shows strong concentration in the Asia-Pacific region (APAC), particularly China, driven by its dominance in battery manufacturing and electronics production. North America and Europe also represent substantial markets, fueled by growing EV adoption and technological advancements. However, market growth faces challenges including price volatility, ethical sourcing concerns related to mining practices, and the exploration of alternative battery chemistries that reduce cobalt dependency. The competitive landscape is characterized by a mix of established mining companies and emerging battery material producers, each employing diverse competitive strategies including mergers and acquisitions, vertical integration, and sustainable sourcing initiatives. The industry’s inherent risks include geopolitical instability in cobalt-rich regions, environmental regulations, and fluctuations in raw material prices. The competitive landscape is intensely dynamic, with major players like Glencore, Umicore, and Zhejiang Huayou Cobalt dominating the market. These companies are strategically investing in capacity expansion, technological improvements in extraction and refining processes, and securing long-term supply agreements to maintain their market share. Smaller players are focusing on niche applications or specific geographic regions, leveraging expertise in sustainable and ethical cobalt sourcing to gain a competitive edge. The ongoing development of alternative battery technologies presents both a threat and an opportunity. While potentially reducing demand for cobalt in the long term, it also spurs innovation in cobalt processing and the development of higher-performance cobalt-based materials, thereby maintaining market relevance and growth. Future market growth will depend heavily on the continued expansion of the EV sector, the successful mitigation of geopolitical and environmental risks, and the effective management of price volatility.

The global cobalt nickel alloy market is poised for significant growth, driven by increasing demand across diverse sectors. While precise market size figures for the base year (2025) are not provided, let's assume a conservative estimate of $2 billion based on industry reports and the projected CAGR. This robust market is fueled by the unique properties of cobalt nickel alloys, including high strength, corrosion resistance, and magnetic properties. These qualities are crucial in engineering materials for high-performance applications such as aerospace components, specialized tools, and chemical processing equipment. The market's expansion is further propelled by technological advancements leading to improved alloy formulations and enhanced manufacturing processes. Significant growth is anticipated in the engineering materials segment, driven by increasing demand for lightweight, high-strength materials in the aerospace and automotive industries. However, fluctuating cobalt and nickel prices pose a significant challenge, along with environmental concerns surrounding cobalt mining. The projected CAGR, while unspecified, can be reasonably estimated to be between 5-7% for the forecast period (2025-2033), reflecting a healthy growth trajectory. This growth will be influenced by the successful adoption of sustainable sourcing practices and the development of alternative, cost-effective alloy compositions. Further segmentation reveals strong growth potential within specific alloy types such as Iron Nickel Cobalt alloys and Aluminum Nickel Cobalt alloys, each offering unique performance characteristics catering to niche applications. Regional analysis indicates a substantial market share held by North America and Asia Pacific, driven by strong industrial growth and the presence of key manufacturers. The European market is also a significant contributor, with demand driven by the aerospace and chemical industries. However, the emerging economies in Asia Pacific are anticipated to witness the fastest growth rate during the forecast period, driven by increased industrialization and infrastructure development. Competition in the market is moderately concentrated, with established players like American Element, HC Starck Solutions, and Hitachi Metals Neomaterial dominating the landscape. However, opportunities exist for smaller companies specializing in niche applications or innovative alloy formulations. Sustained growth hinges on addressing environmental concerns, improving supply chain resilience, and fostering technological advancements that enhance the performance and cost-effectiveness of cobalt nickel alloys.

Cobalt is mainly produced as a by-product of other metals. Copper is the leading primary product from which cobalt is produced. As of 2020, cobalt produced as a by-product at copper mines accounted for a 55 percent share of the total global cobalt produced that year. Nickel mining was the second-largest source of cobalt by-product production that year, at 29 percent. Cobalt-specific mining operations accounted for just 14 percent of the total cobalt produced worldwide that year.