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In the first quarter of 2025, cobalt experienced a notable price decline, dropping by $22,067 per metric ton, Ex-Shanghai which represents a 2.06% decrease. This downturn reflects a combination of factors including easing supply chain constraints, moderated demand from key sectors such as electric vehicle manufacturing, and possibly increased inventory levels.
While cobalt remains a critical component in battery technology, the price adjustment suggests market participants are recalibrating expectations amid shifting economic conditions and raw material availability. This price movement may impact both producers and consumers by influencing production costs and investment strategies in the cobalt supply chain going forward.
Q4 2024
In Q4 2024, cobalt prices experienced a notable decline, dropping by $22,531 per metric ton, Ex-Shanghai which represents a 3.71% decrease compared to the previous quarter. This price reduction reflects weakening demand pressures, possibly due to a slowdown in key end markets such as electric vehicle production and battery manufacturing.
Additionally, increased supply from mining expansions or stockpile releases may have contributed to the downward trend. Market sentiment could also be influenced by broader economic uncertainties, including inflation concerns and geopolitical factors affecting commodity markets. Overall, the significant price drop signals a cautious outlook for cobalt in the near term, prompting stakeholders to closely monitor demand-supply dynamics and potential shifts in global trade flows.
Q3 2024
In Q3 2024, cobalt prices experienced a significant decline, dropping by $23,400 per metric ton, Ex-Shanghai which corresponds to a 12.95% decrease. This sharp fall suggests a combination of factors such as weakening demand from key industries like electric vehicle manufacturing, increased supply from major producers, or shifts in market sentiment possibly influenced by macroeconomic conditions or geopolitical developments.
The price correction may reflect a temporary oversupply or concerns about slower growth in cobalt-intensive technologies. Market participants should closely monitor inventory levels, production forecasts, and end-user demand to better understand the potential for price stabilization or further volatility in the coming quarters.
Q2 2024
In Q2 2024, cobalt prices experienced a significant decline, dropping by $26,800 per metric ton, Ex-Shanghai which represents a 5.12% decrease compared to the previous quarter. This downward trend reflects a combination of factors, including weakening demand from the electric vehicle and electronics sectors, where cobalt is a critical component, as well as potential easing of supply chain constraints.
Additionally, increased production from key cobalt-producing regions may have contributed to an oversupply in the market, further pressuring prices. The price correction signals a period of market adjustment, prompting stakeholders to reassess supply strategies and demand forecasts for the remainder of the year.
Q1 2024
In Q1 2024, cobalt experienced a significant price decline, dropping by $28,331 per metric ton, Ex-Shanghai which equates to an 8.29% decrease. This sharp fall reflects a combination of weakening demand pressures and possibly increased supply or inventory levels in the market. The price adjustment indicates caution among buyers, likely driven by concerns over slower growth in key end-use sectors such as electric vehicle manufacturing and electronics.
Additionally, macroeconomic uncertainties and shifts in commodity markets may have contributed to the downward trend. Overall, the decrease suggests a more cautious outlook for cobalt in the near term, with market participants closely monitoring demand recovery and supply chain dynamics.
PriceWatch is your trusted resource for tracking global cobalt price trends. Our platform delivers real-time data and expert analysis, offering deep insights into the key factors driving price fluctuations in the cobalt market. By monitoring critical events such as geopolitical tensions, supply chain disruptions, and economic shifts, PriceWatch keeps you fully informed of market dynamics.
In addition, PriceWatch provides detailed forecasts and updates on production capacities, enabling you to anticipate market changes and make well-informed decisions. With PriceWatch, you gain a competitive edge in understanding all the elements that influence cobalt prices worldwide. Stay ahead of the curve with PriceWatch’s reliable, accurate, and timely cobalt market data.
Track PriceWatch's cobalt price assessment on a weekly basis since 2015 onwards, along with short-term forecasts, and get access to the detailed report in a downloadable format.
Molecular Weight[g/mol]
CAS No
HS Code
Molecular Formula
Cobalt is a hard, lustrous, silver-gray metal known for its exceptional strength, high-temperature stability, and corrosion resistance. It is primarily used in the production of high-performance alloys, particularly in the aerospace, energy, and defense industries. Cobalt enhances the durability and performance of superalloys used in jet engines, gas turbines, and power plants. It also plays a vital role in rechargeable battery technologies, magnetic materials, and catalytic processes. Its unique properties make cobalt indispensable in applications requiring reliability under extreme conditions.
Packaging Type
Grades Covered
Incoterms Used
Synonym
PriceWatch Quotation Terms:
Ex-Location: This incoterm refers to a shipping agreement where the seller makes the goods available at their premises, and the buyer is responsible for all transportation costs, including shipping, insurance, and any other fees.
CIF: CIF refers to the Cost, Insurance, and Freight (CIF) terms for goods. Under CIF terms, the seller is responsible for the cost of goods, insurance, and freight charges until the goods reach the port of destination.
FD: FD stands for Free Delivered where the seller takes full responsibility for delivering goods to the location/port. This ensures the buyer receives the goods at the designated port with all necessary costs, except import duties, covered.
FOB: FOB refers to the Free On-Board shipping term, where the seller is responsible for the cost and risk of delivering the goods to the port. Once the goods are on board the vessel, the responsibility shifts to the buyer for all costs, including shipping and insurance.
| Property | Specification |
| Chemical Symbol | Co |
| Atomic Number | 27 |
| Purity | Typically, ≥ 99.8% (High Purity Grade) |
| Density | 8.90 g/cm³ |
| Melting Point | 1,495°C (2,723°F) |
| Boiling Point | 2,927°C (5,301°F) |
| Electrical Resistivity | 6.24 μΩ·cm at 20°C |
| Hardness | Mohs scale: ~5 |
| Magnetic Properties | Ferromagnetic |
| Color | Silvery gray |
| Thermal Conductivity | 100 W/m·K |
Applications
Raw Material Availability – Cobalt is primarily mined as a byproduct of copper and nickel mining. Limited supply, particularly from major producers like the Democratic Republic of the Congo (DRC), heavily impacts prices.
Global Demand – Cobalt is essential in lithium-ion batteries used in electric vehicles (EVs), electronics, and energy storage systems. Rising demand from the EV sector can drive prices upward.
Geopolitical Stability – Political unrest or regulatory changes in cobalt-producing countries, especially the DRC, can disrupt supply chains and increase prices.
Environmental and Ethical Regulations – Increasing focus on ethical sourcing and environmental standards can influence supply chain operations and production costs, affecting prices.
Processing and Refining Costs – Cobalt requires extensive refining, often done in specific countries like China. Changes in energy, labor, and processing costs influence the final market price.
Market Speculation and Investment Trends – Commodities trading and speculation by investors can lead to short-term price volatility.
Exchange Rates – As cobalt is traded globally, fluctuations in currency values—especially USD, which is the standard trading currency—affect prices in different markets.
Technological Developments – Innovations in battery technology or alternative materials that reduce cobalt dependence can impact long-term demand and pricing.
The availability and cost of raw materials such as high-carbon steel and alloy coatings directly affect cobalt production costs and pricing.
Cobalt prices generally rise with inflation, driven by higher extraction and processing costs. However, demand from the battery, electronics, and electric vehicle industries plays a key role in sustaining price levels, often amplifying price movements beyond typical inflationary trends.
PriceWatch offers a range of tools and services to track commodity prices effectively:
Real-Time Data: Access market intelligence and data on global cobalt supply chains.
Expert Analysis: Insights on market trends and potential risks.
Risk Assessment: Tools to evaluate supply chain vulnerabilities.
Benchmarking: Compare cobalt prices and sourcing practices.
Supplier Intelligence: Information on supplier reliability and financial health.
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