Cobalt traded around $25.53 per pound in late April 2026, roughly $56,300 per tonne, after entering the year at $56,414. That is more than double the February 2025 level of about $20,000 per tonne. A single export policy in the Democratic Republic of Congo did most of that work.
One metal, one country's story: DRC concentration by the numbers
Most commodity prices are a tug of war between many producers and many buyers. Cobalt is not.
The US Geological Survey puts Congo (Kinshasa) at 73 percent of world mined cobalt in 2025, with Indonesia second at 14 percent. In tonnes, USGS estimates DRC output at 230,000 tonnes out of a global total near 310,000.
When three quarters of world supply sits in one jurisdiction, that jurisdiction's policy is the price. Everything below follows from that.
Today's cobalt spot price and what moved it
Route or component Basis Notes Value today (USD) Measurement What the figure is based on What changes it Computed from the live rate unless marked a reference 2022 peak, before the glut Per tonne The high point of the last cycle $82,000 to $82,000 North East Asia, Q1 2026 Per kg Up 180 percent in a year; refiners felt it hardest $67 to $67 Cobalt metal entering 2026 Per tonne Highs unseen since July 2022 $56,414 to $56,414 Spot, late April 2026 Per lb About $56,300 per tonne $26 to $26 North America, Q1 2026 peak Per kg Up 69 percent; a milder run than Asia $43 to $43 Cobalt hydroxide, Q4 2025 Per tonne Up 263 percent from $4,012 a year earlier $14,560 to $14,560 The February 2025 low Per tonne A nine-year low before the export ban $20,000 to $21,502
Any cobalt price history chart of the last four years shows one shape, and the timeline below explains it. The cobalt price per ton figures matter more than the per-pound ones here, because that is how the trade quotes.
- 2022: cobalt peaks around $82,000 per tonne.
- 2023 to 2024: production surges from Indonesia and from CMOC's DRC operations create oversupply. Prices fall to roughly $20,000 per tonne by early 2025, a nine-year low.
- 22 February 2025: the DRC cobalt export ban lands, halting shipments outright to address the glut and low prices. Extended in June.
- June 2025 onward: no exports leave the DRC at all.
- September and October 2025: the ban is replaced by a quota system, capping the remainder of 2025 at 18,125 tonnes, split 3,625 in October and 7,250 in each of November and December.
- January 2026: cobalt metal enters the year at $56,414 per tonne, touching highs unseen since July 2022.
So the price did not double because anyone wanted more cobalt. It doubled because the supply was switched off and then metered.
Export policy: the price lever, and the quota regime in numbers
The quota is the mechanism that now sets the ceiling, and the figures are specific.
For 2026 and 2027, the annual cap is 96,600 tonnes of contained cobalt. Of that, 87,000 tonnes go to producers on a pro rata basis and 9,600 tonnes are held under the discretionary control of Arecoms, the national regulator, as strategic quota.
For scale: that cap is less than half the DRC's 2024 production of around 211,000 tonnes. Allocations to individual producers have included CMOC at 6,650 tonnes and Glencore at 3,925.
The framework runs through 2027 with adjustments possible if officials judge the market imbalanced, and the government plans electronic tracking of all mineral exports to enforce it. Commentators describe the regime as effectively ruling out any return to free-trade exports.
Why the price moved unevenly by region
One of the more interesting details, and it explains why quotes differ depending on who you ask.
North East Asia ran from $24.11 per kg in Q1 2025 to $67.42 in Q1 2026, a 180 percent surge. North America went from $25.48 to a peak of $43.16 per kg, about 69 percent.
The reason is refining geography. Chinese refineries process roughly 78 percent of global refined cobalt, so they absorbed the full force of the DRC feedstock shortage. North American prices had a different floor: US aerospace and defence account for over 51 percent of domestic cobalt consumption, which held prices up even during the temporary pullback in the third quarter of 2025.
The cobalt hydroxide payable question follows the intermediate that actually moves out of the DRC, and it rose hardest of all: from $4,012 per tonne in Q4 2024 to $14,560 in Q4 2025, a 263 percent increase.
From LME to your black mass payable
This is where it touches anyone selling battery material.
Most end users never buy refined cobalt metal at all. Battery and precursor producers buy chemical intermediates linked to metal benchmarks, on a pricing system built from formulas, specifications and processing routes.
That is exactly the mechanism the black mass page sets out: cobalt scrap value is a payable percentage of what the contained metal would fetch new. So when cobalt doubles, black mass payables move too, and the effect has been visible. Cobalt payables rose from around 70 percent in early 2025 to over 80 percent across most regions by year end.
The practical read for a seller: cobalt-bearing chemistries became substantially more valuable through 2025 and into 2026, while LFP, which contains no cobalt at all, did not. The Tesla pack page works through what that does to two packs of identical size.
Recycling is not a rounding error
A figure worth knowing, because it puts scrap in proportion against mining.
USGS reports that in 2025, cobalt content of purchased scrap represented 25 percent of estimated US cobalt consumption. One pound in four consumed came from recycled material rather than from a mine.
Against a supply chain where three quarters of primary production sits in one country under quota, that quarter looks less like an environmental gesture and more like a strategic buffer. It is also why battery recyclers were bidding aggressively through the shortage.
What could unwind it, and substitution: the LFP threat
Three forces pull the other way, and they are worth watching if you hold material.
Indonesia. Cobalt there is a by-product of nickel processing, and output is forecast to increase significantly. It cushioned the 2025 shock without replacing lost Congolese units, but the trend is upward.
Chemistry substitution. LFP contains no cobalt, and every LFP pack built is a pack that will never yield any. The black mass page shows the value gap that creates at end of life.
Policy reversal. The quota framework is adjustable if officials deem the market imbalanced. The same lever that doubled the price can be released. Enforcement is also imperfect: the government plans electronic tracking of mineral exports partly because artisanal cobalt mining sits alongside industrial production in the DRC and is harder to meter.
Against those, demand is forecast at roughly 219.6 thousand tonnes in 2026, around 7 percent growth, with defence, aerospace and lithium cobalt oxide batteries in consumer electronics all pulling.
Cobalt prices around the world
Cobalt settles in US dollars, but as the regional figures above show, physical availability differs sharply by market.
Market Equivalent range Local market note United States $25.53 to 82,000 Deepest buyer pool. Even within the US, state to state runs $50 to $60 per ton apart. United Kingdom £18.13 to 58,231 Strong processing capacity. Battery and PGM material reported 20 to 40 percent above thin markets. Canada C$34.25 to 110,010 Similar structure to the US; thinner in the prairies and the north. Australia A$33.66 to 108,101 Good coastal capacity, long hauls inland. Distance is the main discount. Germany €22.42 to 72,020 Dense processing and strict documentation. Good grades pay well; paperwork matters. India ₹2,221 to 7,132,651 Large volume, but black mass export restrictions have compressed local payables. Bangladesh ৳2,762 to 8,870,477 Ferrous depth is good. Specialist converter, PGM and battery buyers are scarce. United Arab Emirates AED89.07 to 286,088 Re-export hub with real processing depth. Among the better-paying markets outside the West. Saudi Arabia SAR89.04 to 285,975 Growing capacity; specialist PGM and battery buyers still limited. Turkey ₺1,287 to 4,132,696 Major ferrous importer, so steel grades hold up better than non-ferrous here. South Africa R346.28 to 1,112,233 Reported below UAE and UK on battery material; processing infrastructure is the constraint. China CN¥168.12 to 539,971 Aggressive bidder on imported battery material; 2026 recycling rules moved payables down.
Treat these as a metal-value anchor rather than a local quote. Where refining capacity is concentrated, feedstock shortages bite hardest, which is why Asian prices ran further than North American ones.
Questions people actually ask
"What is the cobalt price per pound today?"
Around $25.53 per pound in late April 2026, which is roughly $56,300 per tonne. It entered 2026 at $56,414 per tonne after more than doubling through 2025.
"Why did cobalt double?"
Supply policy, not demand. The DRC banned exports on 22 February 2025 and replaced the ban with quotas in October. With the country holding 73 percent of world mined supply, removing it from the market reset the price.
"What is the DRC cobalt export quota?"
96,600 tonnes per year for 2026 and 2027, of which 87,000 tonnes go to producers pro rata and 9,600 tonnes are held as strategic quota by the regulator. That is less than half the country's 2024 production.
"Is there an LME cobalt price?"
Yes, the London Metal Exchange lists cobalt, and cobalt futures LME contracts moved above $42,000 per tonne after the quota announcement. Most battery material, though, prices off chemical intermediates linked to those benchmarks rather than off metal directly.
"How much cobalt comes from recycling?"
USGS puts purchased scrap at 25 percent of estimated US cobalt consumption in 2025, so one pound in four. That share matters more when primary supply is constrained.
Figures on this page are published market and government references current to 2026, including USGS Mineral Commodity Summaries and price assessments from commercial reporting agencies. Cobalt prices move with policy as much as with demand, so confirm current levels before relying on any figure here.
Frequently asked questions
What is the cobalt price per pound today?
Around $25.53 per pound in late April 2026, equivalent to roughly $56,300 per tonne. Cobalt metal entered 2026 at $56,414 per tonne, touching highs not seen since July 2022 after more than doubling across 2025.
Why did the cobalt price double?
Because of supply policy rather than demand. The Democratic Republic of Congo banned cobalt exports on 22 February 2025 to address oversupply, extended it in June, then replaced it with quotas in October. With 73 percent of world mined supply, that reset the market.
How much of the world's cobalt comes from the DRC?
The US Geological Survey puts Congo (Kinshasa) at 73 percent of world mined cobalt in 2025, ahead of Indonesia at 14 percent. In tonnes that is about 230,000 out of a global total near 310,000.
What are the DRC cobalt export quotas?
For 2026 and 2027 the cap is 96,600 tonnes of contained cobalt per year, with 87,000 tonnes distributed pro rata to producers and 9,600 tonnes held as strategic quota by the regulator Arecoms. That is less than half the DRC's 2024 production of around 211,000 tonnes.
Why did Asian cobalt prices rise more than North American ones?
Refining geography. Chinese refineries process roughly 78 percent of global refined cobalt, so they absorbed the full feedstock shortage. North East Asia ran up 180 percent while North America rose about 69 percent, cushioned by aerospace and defence demand.
Is there an LME cobalt price?
Yes, the London Metal Exchange lists cobalt and prices moved above $42,000 per tonne following the quota announcement. Most battery material is priced off chemical intermediates linked to those benchmarks rather than off refined metal directly.
What happened to cobalt hydroxide prices?
They rose hardest of all, since hydroxide is the intermediate that actually leaves the DRC. Prices went from $4,012 per tonne in Q4 2024 to $14,560 in Q4 2025, an increase of 263 percent.
How does cobalt price affect black mass value?
Directly. Black mass is priced as a payable percentage of what the contained metals would cost new, so when cobalt rises the payable value rises with it. Cobalt payables moved from around 70 percent in early 2025 to over 80 percent by year end.
How much cobalt comes from recycling?
USGS reports that cobalt content of purchased scrap represented 25 percent of estimated US cobalt consumption in 2025. One pound in four came from recycled material rather than mined ore, which matters more when primary supply is under quota.
Could cobalt prices fall again?
Three forces pull that way: rising Indonesian output as a nickel by-product, chemistry substitution toward LFP which contains no cobalt at all, and the quota framework itself, which officials can adjust if they judge the market imbalanced.