Cobalt Price

Cobalt is a chemical element of group 9 of the periodic table on which it is indicated with the atomic symbol Co. Its atomic number, denoted by Z, is 27, referring to the number of protons present in the cobalt atom. The number of protons equal the number of electrons in the atom, making it electrically neutral.

 

Quick Overview of Cobalt

✔️An overview of Cobalt (Co)
✔️History of cobalt
✔️Production of cobalt
How to trade cobalt
What are the drivers of the cobalt price?
What is cobalt used for?

 

An overview of cobalt (Co)

Cobalt is categorised together with three other transition metals in group 9, namely Rhodium (Rh), iridium (Ir), and meitnerium (Mt). Transition metals are hard, malleable, and good conductors of electricity and heat, with high densities, as well as high boiling and melting points.

Although widely spread, the crust of the earth consists of only 0.001 percent of cobalt.

Cobalt ore is present in minerals such as cobaltite, smaltite, heterogeneity, and erythrite, and is typically found in combination with other metal ores such as silver, iron, zinc, nickel, and copper, of which the latter two are the main resources from which cobalt is extracted.

Cobalt derives its name from the German word ‘kobold,’ meaning evil spirit or goblin. (Refer below under ‘The history of cobalt’ for why this particular name.)

It is colloquially called the ‘blue metal’ due to its ability to colour items such as glass and porcelain blue.

• Some characteristics of cobalt:
• Cobalt is a hard, brittle metal, resembling iron and nickel in its natural appearance.
• When polished, it appears silver-white with a faint bluish shade.
• It is a ferromagnetic metal, meaning it is strongly attracted to a magnet. (Cobalt is only one of three ferromagnetic metals, the other two are iron and nickel.)
• The metal does not combine directly with hydrogen or nitrogen.
• Boiling point: 2 870 degrees Celsius (5 198 degrees Fahrenheit).
• Melting point: 1 495 degrees Celsius (2 723 degrees Fahrenheit).

 

History of cobalt

Cobalt was the first metal to be discovered in prehistory. A discovery is attributed to Georg Brandt (1694 – 1768), a Swedish chemist and mineralogist, and the first scientist since ancient history to whom the discovery of metal was credited.

Since 1730, Brandt has done research on semimetals. At the time of Brandt’s research, it was commonly believed that the metal bismuth, which was later classified as a post-transition metal, had the ability to colour glass blue.

(Contrary to transition metals, post-transition metals have lower melting and boiling points, are soft and brittle, and have poor tensile strength, which is the amount of load or stress that can be handled by a material before it stretches and breaks, according to Corrosionpedia.)

However, there was a difference of opinion between Brandt and other scientists about this ability of bismuth. In 1735, Brandt published a dissertation on semimetals (Dissertatio de Semi-Metallis) in which he explained he believed he had discovered a hitherto unrecognised metal with the ability to colour glass blue in the glassmaking process.

Brandt discovered the new element (semimetal) in an ore that resembled copper ore, which was mined by German miners, naming it kobold. This German name refers to a goblin, a small, evil, grotesque elfin creature, thought to be harmful to humans, appearing in numerous European cultures.

The reasons why the German miners referred to this unidentified ore with such a negative connotation were:

• They superstitiously thought that the mineral ore contained arsenic that harmed their health, and,
• ‘That the ore resembled a copper ore, but no copper could be extracted from it, so the miner believed a goblin or spirit had cast a spell on the mineral to prevent copper’s extraction,’ according to org. (Accentuation by the article writer.)

Initially, other scientists were not convinced of Brandt’s claim and disputed it, saying his so-called new element was actually a compound of iron and arsenic. It was only in 1739 that the existence of cobalt was generally accepted, and Brandt’s discovery was recognised as an element in its own right.

Brandt isolated cobalt in 1742 and discovered that the element was magnetic and alloyed easily with iron.

In 1780, Brandt’s results were confirmed by the Swedish chemist and mineralogist, Tobern Olaf Bergman (1735 – 1784), who was the first scientist to extract moderately pure cobalt.

 

Production of cobalt

Cobalt is present in several types of ores, although, in considerably low concentrations. Hence, cobalt-containing ores, such as copper, nickel, zinc, silver, and lead, are not mined mainly for their cobalt content. Rather, cobalt is extracted as a by-product from cobalt-containing ores, primarily from copper and nickel.

Typically, two mining methods are used to mine cobalt:

• Open-pit mining, the most economical mining method to extract cobalt, is used when the ore is near the surface.
• Underground mining, in which standard mining methods and equipment are used, takes place when the ore body is more than 100 metres below the surface.

 

Several different processes, such as floatation, sulfide smelting, leaching, sulfide precipitation, re-dissolution, cobalt solvent extraction, and electrowinning, to name a few, are used to extract cobalt.

The processes used are according to the choices of the producers and the types of cobalt-containing ores.

Technical and scientific information about cobalt processing can be obtained from a website such as Science Direct.

 

• Global production

According to Investing News, the global production of cobalt in 2025 was 140 000 metric tonnes (MT) (2019: 144 000 metric tonnes (MT)), as reported by US Geological Survey.

The top ten global cobalt suppliers in 2025:

Position - 2025	Country	Output - 2025 (MT)	% of global production - 2025
1	Democratic Republic of Congo (DRC)	95000	67.86
2	Russia	6300	4.50
3	Australia	5700	4.07
4	Philippines	4700	3.36
5	Cuba	3600	2.57
6	Canada	3200	2.29
7	Papua New Guinea	2800	2.00
8	China	2300	1.64
9	Morocco	1900	1.36
10	South Africa	1800	1.29

 

More information about the top five global producers is provided hereunder:

1. Democratic Republic of Congo (DRC)

The Democratic Republic of Congo, formerly called the Republic of Zaire, is by far the largest supplier of cobalt in the world, producing almost 70 percent of the global production. Although, its output of 95 000 MT in 2025 was 5 000 metric tonnes less than its production of 100 000 MT in 2019.

In the DRC cobalt takes the form of heterogeneity, a cobalt oxy-hydroxide mineral with a colour that may vary between black, reddish, blackish-brown, or dull brownish. It derives its name from a Greek word meaning ‘of another kind,’ because the mineral’s composition differs from similar metals.

The country also holds the world’s largest reserves of cobalt, 3 600 000 metric tonnes.

The top cobalt producing mines in the DRC are:

Mine	Province in which located	Production (MT) in 2025	Owned and operated by
Kamoto	Katanga	23900	Glencore plc (Anglo-Swiss multinational mining company)
Tenke Fungurume	Lualaba	15 440	Molybdenum (Chinese company)
Metalkol RTR	Haut-Katanga	10500	Eurasian Resources Group (ERG) Africa
Etoile	Katanga	7000	Chemaf (Private company)
Luiswishi	Katanga	5390	Congo Dongfang International Mining (Chinese company)
Ruashi	Katanga	5090	Metorex Mining Ltd. (South African company)
Lubumbashi	Haut-Katanga	4000	OM Group Inc. (Head office in Cleveland, Ohio in the USA)
Mutoshi	Katanga	4000	Chemaf (Private company)

In addition to cobalt extracted by the large industrial mines in the DRC, 15 to 30 percent of the country’s cobalt supply is produced by artisanal and small-scale mining (ASM).

In a country, already beleaguered by violent ethnic conflict and warfare, high levels of corruption, and outbreaks of the Ebola virus, its small-scale artisanal mines are notorious for their fatal accidents, violent clashes between small-scale miners and security personnel of large mining companies, as well as the violation of human rights.

Children, as young as seven years, work in dangerous and unsafe conditions that can cause potentially fatal lung diseases. Furthermore, miners operate in unsafe tunnels that can easily collapse and bury them alive. According to Mark Dummet of Amnesty International, ‘There’s a whole range of human rights violations connected to cobalt mining in the DRC, generally stemming from the fact that it’s just a very poorly regulated activity by the Congolese government.’ (Accentuations by the article writer.)

However, ASM cannot simply be stopped, because it is a lifeline for millions of citizens in a country where almost 75 percent of its citizens live in extreme poverty.

The good news is that human rights groups are putting more pressure on mining companies to work with key stakeholders to put a common ASM standard for mine safety and child labour in place.

Furthermore, several major companies that rely on the supply of cobalt from the DRC are prompted to take steps to promote higher ethical standards in the DRC’s cobalt mining industry.

 

2. Russia

Russia’s cobalt production in 2025 was about 200 metric tonnes more than the 6 100 MT in 2019.

Russia is the fifth-largest holder of cobalt reserves, 250 000 metric tonnes. Cobalt production is primarily concentrated in the Altai republic region.

Norilsk Nickel is the top cobalt producer in Russia.

The current (as of April 2025) war waged by Russia in Ukraine and the ensuing sanctions imposed on Russia by the USA, the European Union (EU), and other countries may affect the country’s cobalt exports negatively.

 

3. Australia

Similar to other cobalt-producing countries, cobalt is produced in Australia as a by-product of nickel and copper mining. The country’s cobalt supply slightly decreased from 2019 to 2025 – from 5 740 MT to 5 700 MT.

Although second to the DRC, Australia still holds an impressive 1 400 000 MT of cobalt reserves, mainly in Western Australia, where the Murrin-Murrin mine of Glencore in the north-eastern Goldfields region is the largest Australian producer of cobalt – 2 900 metric tonnes in 2025.

 

4. Philippines

The Philippines, an island country in Southeast Asia, produced 4 700 MT of cobalt in 2025, slightly more than the 4 600 metric tonnes in 2019.

The country, which is also a large nickel producer, holds cobalt reserves in the amount of 260 000 MT, making it the fourth-largest holder of cobalt reserves in the world.

The Taganito open-pit mine produced 2 550 metric tonnes in 2025.

 

5. Cuba

The cobalt production of Cuba, an island in the western West Windies, decreased in 2025 to 3 600 metric tonnes, down from 3 800 MT in 2019.

Cuba’s cobalt reserves are the third-largest in the world – 500 000 metric tonnes.

The majority of the country’s cobalt production takes place in the Moa region to the east of the island where the Canadian company, Sherrit International, and the General Nickel Company of Cuba, operate a joint venture nickel-cobalt operation. The Moa Bay Mining Company produced 3 370 metric tonnes of cobalt in 2025.

 

Almost 70% of the global production of cobalt is processed in China, which obtains the most of its cobalt from the Democratic Republic of Congo (DRC).

 

Recycling and recovering

Another method to enhance the supply of cobalt is to recycle used Lithium-ion batteries, recovering the cobalt from them to be re-used in rechargeable batteries.

Countries such as the USA, Japan, and the United Kingdom are already exploring and executing processes to cost-effectively recover cobalt from recycled items.

 

How to trade cobalt

Successful trading starts with choosing the right commodity broker – a regulated, trusted and experienced one.

A commodity broker will advise and assist a trader regarding the ways available to trade cobalt, which is classified as a hard commodity.

 

Three ways available to trade cobalt:

• Cobalt futures

Cobalt futures can be traded on the London Metal Exchange (LME) since early 2010. The price of the metal is quoted in US dollars per tonne. The duration of the futures contracts ranges from 3 to 15 months, allowing traders and investors to buy cobalt as an underlying commodity at a predefined price on a predetermined date in the future.

Cobalt futures were hovering above the $80 000 per tonne level in April 2025, their highest since June 2018, and up 16 percent in 2025 (as of the end of April), according to Trading Economics. The price increase was mainly due to continued strong demand from the electric vehicle (EV) industry.

Bear in mind, that not all brokers allow the trading of cobalt futures.

 

• Exchange-traded funds (ETFs)

There are no ETFs that only invest in cobalt. However, investors can get exposure to cobalt when investing in ETFs which invest in cobalt as well as other green metals such as copper, lithium, and zinc, to name a few.

Some of the Green Metal ETFs invest almost 20% in major cobalt producers like Glencore and others.

More information about Green Metal ETFs is also available from commodity brokers.

 

• Investing cobalt-mining companies

There are numerous companies that are involved in cobalt production. For instance: Australian companies, listed on the Australian Securities Exchange (ASX) like Cobalt Blue Holdings and Australian Mines, as well as the international company Glencore, which has a dual listing on the London Stock Exchange (LSE), and the Johannesburg Stock Exchange (JSE).

 

 

What are the drivers of the cobalt price?

Similar to other commodities, the price of cobalt is also determined by supply and demand. If supply exceeds demand, the price of cobalt will drop. Vice versa, if demand exceeds supply, the price of cobalt will rise.

 

Demand

Due to its usability and effectiveness in superalloys and alloys, cobalt has been in demand since the beginning of the twentieth century.

With the demand for electric vehicles (EVs) raising, so does the demand for EV batteries and consequently the demand for cobalt, which is a key element in the manufacturing of EV batteries.

According to analysts, EV sales have been booming in the last few years. In 2025, EV sales in Europe reached a record increase, overtaking China as the leading buyer of EVs.

Analysts also identify other key drivers of cobalt demand, such as:

• Some recovery in the consumer electronics industry after a period of semi-conductor shortages.
• The expansion of energy storage systems (ESSs), are devices that convert electrical energy from power systems into a form that can be stored for converting back to electrical energy when needed, according to Science Direct.

Attempts to replace cobalt with cheaper alternatives may affect the future demand for cobalt.

 

Supply            

Key factors affecting the supply and prices of cobalt in 2025, among other factors are:

• The war in Ukraine, started by Russia on February 24, 2025

Russia is the second-largest producer of cobalt in the world, accounting for about 4.5% of global production in 2025. Mounting sanctions on Russia for waging war in Ukraine cause fears and intensify concerns over the supply of cobalt.

Example: According to the LME Cobalt Official Prices graph, the bid price (buy price) of cobalt surges from $72 510 per tonne on February 24, 2025, to $81 900 per tonne on 10 March 2025, showing the dramatic effect of the war in Ukraine and the ensuing sanctions imposed on Russia.

 

• Human rights violations in the DRC

Human rights groups are pushing cobalt consumers to obtain their cobalt supply from other producers than the DRC, because of the country’s human rights abuses, specifically in the artisanal and small-scale mining (ASM) sector.

The DRC produces almost 70% of the global cobalt supply.

 

• Shipping disruptions

Disruptions in the shipping of cobalt will continue in 2025, with a backlog of two to three months, causing delays and cancellations.

 

What is cobalt used for?

Although not known as cobalt before the 1730s, compounds of cobalt were used for centuries by civilisations to create brilliant, deep, and permanent blue colours in glass, pottery, ceramics, tiles, enamels, and porcelain. Nowadays, cobalt is still used as a dye.

Similarly, cobalt is used to create paint pigments, colouring some paints.

It is an extensively used drying agent in varnishes, paints, coatings, and inks.

In the auto industry, cobalt is a key element in the manufacturing of rechargeable lithium-ion (Li-ion) batteries, the battery type mostly used in electric vehicles (EVs). It is also used in batteries for smartphones and laptop computers.

The metal is used in electroplating because of its attractive appearance, hardness, and resistance to oxidation.

As an alloy, cobalt has numerous applications, such as:

• Alnico, an alloy comprising aluminium, nickel, and cobalt, produces extremely powerful permanent magnets.
• It is used as a superalloy in the manufacturing of jet engines, gas turbine generators, and some types of stainless steel. Superalloys account for almost 50 percent of cobalt used annually.
• Stellite alloys, with the main elements being cobalt, chromium, and tungsten, produce high-speed, high-temperature, heavy-duty cutting tools.

• Other industrial applications of cobalt are, amongst others:
• Airbags in vehicles.
• Catalysts for the chemical and petroleum industries.
• Cemented carbides are also referred to as hard metals.
• Diamond cutting tools.
• Magnetic recording media.
• Steel-belted radial tyres.

 

Cobalt-60, a synthetic radioactive isotope of cobalt, creates gamma rays. It is used to treat some forms of cancer, to sterilise medical instruments and foods, and as a medical tracer.

Cobalt is an essential part of vitamin B₁₂, called cobalamin, playing a key role in the formation of red blood cells, cell metabolism, nerve function, and the production of DNA.

 

Note: This article does not constitute investment, financial, or trading advice. Please obtain the advice of a professional and regulated commodity broker before making trading and investment decisions.