US Cobalt Prices Strengthen in July 2026 as Defense Stockpiling Supports Market Sentiment

The US cobalt market exhibited firmer price trends through July ****, as strategic procurement from the Department of Defense and sustained industrial demand offset seasonal summer softness in downstream segments. International cobalt prices registered a modest but steady uptrend, with the metric ton trading at $**,***.** as of July **, reflecting a *.*** weekly gain and continuing a pattern of incremental weekly increases throughout the month. SGX cobalt futures for July **** settled at $**,***.**, up approximately *.*** from late June levels, while LME cobalt closed at $**,***.** on July **.

The key catalyst for US cobalt price support was the Defense Logistics Agency&#**;s solicitation for up to *,*** tons of alloy-grade cobalt over five years — the first such strategic stockpile purchase since ****. The contract, potentially worth up to $*** million, seeks supplies exclusively from Vale SA (Canada), Sumitomo (Japan), and Glencore&#**;s Nikkelverk plant (Norway). This intervention accounts for roughly one-sixth of...