For the Quarter Ending March 2026
Cobalt Prices in North America
- In United States, the Cobalt Price Index rose quarter-over-quarter in Q1 2026, driven by severe supply constraints.
- The Cobalt Production Cost Trend increased during March 2026 as the Consumer Price Index reached 3.3%.
- Elevated producer prices, rising 4.0% in March 2026, pushed upstream raw material costs higher throughout Q1 2026.
- The Manufacturing Index expanded in March 2026, supporting the Cobalt Demand Outlook for aerospace superalloy consumption.
- Industrial production grew 0.7% and retail sales rose 4.0% in March 2026, sustaining baseline industrial consumption.
- The unemployment rate hit 4.3% and consumer confidence reached 91.8 in March 2026, stabilizing household purchasing power.
- Despite stable consumer metrics, United States electric vehicle sales plummeted, weakening automotive battery demand in Q1 2026.
- United States cobalt import volumes surged in February 2026 as domestic industry inventories tightened significantly in Q1 2026.
- The Cobalt Price Forecast remained elevated as natural gas spot prices spiked during extreme winter events in January 2026.
Why did the price of Cobalt change in March 2026 in North America?
- Cobalt hydroxide feedstock costs surged in Q1 2026 due to severe global supply chain disruptions.
- Elevated producer prices rose 4.0% in March 2026, passing higher refining costs to downstream manufacturers.
- Domestic industry inventories tightened significantly in Q1 2026, constraining spot feedstock availability across the market.
Cobalt Prices in APAC
- In China, the Cobalt Price Index rose quarter-over-quarter in Q1 2026, driven by severe feedstock shortages.
- Industrial production grew 5.7% year-over-year in March 2026, supporting the baseline Cobalt Demand Outlook amidst shifts.
- Sluggish retail sales at 1.7% and 5.4% unemployment in March 2026 constrained consumer electronics cobalt consumption.
- A mild 1.0% CPI increase in March 2026 and low 91.6 consumer confidence in February 2026 dampened demand.
- The Cobalt Production Cost Trend surged as factory-gate prices rose 0.5% year-over-year in March 2026.
- The Manufacturing Index expanded in March 2026, which indicated growing industrial activity supporting hard metal applications.
- Automotive nickel-manganese-cobalt battery production weakened in February 2026 as the lithium-iron-phosphate market share strengthened significantly.
- Chinese domestic inventories of cobalt hydroxide depleted rapidly during January-March 2026 due to restricted raw material arrivals.
- The Cobalt Price Forecast reflected upward pressure in Q1 2026 due to acute feedstock shortages.
Why did the price of Cobalt change in March 2026 in APAC?
- Cobalt hydroxide feedstock costs surged during Q1 2026 due to persistent global supply chain disruptions.
- Chinese import volumes of essential cobalt intermediates plummeted significantly year-over-year during January and February 2026.
- Exchange stocks in China experienced a severe drawdown between late January 2026 and March 2026.
Cobalt Prices in Europe
- In Germany, the Cobalt Price Index rose quarter-over-quarter in Q1 2026, driven by constrained global supply.
- The Cobalt Production Cost Trend increased as inflation reached 2.7% in March 2026, raising operational expenses.
- The Cobalt Demand Outlook improved slightly as producer prices declined by -0.2% in March 2026.
- The Manufacturing Index expanded in March 2026, driving industrial consumption for the Cobalt Price Index.
- Stagnant industrial production at 0.0% in February 2026 limited heavy manufacturing orders for the Cobalt market.
- Retail sales grew 0.7% and unemployment stayed at 4.2% in February 2026, supporting Cobalt battery applications.
- Deeply negative consumer confidence at -24.7 in March 2026 suppressed discretionary spending on Cobalt-dependent electronics.
- German new registrations of electric vehicles surged in January 2026, positively impacting the Cobalt Price Forecast.
- United States exports of Cobalt to Germany increased significantly in February 2026, altering regional trade flows.
Why did the price of Cobalt change in March 2026 in Europe?
- Global Cobalt supply stayed constrained in Q1 2026 due to export quotas and administrative delays.
- Natural gas prices rose in March 2026, increasing marginal power costs for regional Cobalt processing.
- Global Cobalt inventories tightened in Q1 2026 as delayed raw material flows outweighed earlier oversupply conditions.
For the Quarter Ending December 2025
Cobalt Prices in North America
- In United States, the Cobalt Price Index rose quarter-over-quarter in Q4 2025, driven by robust demand and constrained supply.
- Cobalt production costs increased in Q4 2025, influenced by a 2.7% year-over-year CPI rise in December 2025.
- The Cobalt Price Forecast indicates continued upward pressure due to persistent supply tightness during Q4 2025.
- Strong EV battery demand and aerospace applications significantly boosted cobalt consumption in Q4 2025.
- Industrial production expanded by 2.0% year-over-year in December 2025, supporting increased cobalt demand.
- Retail sales increased by 3.3% year-over-year in November 2025, indicating healthy consumer spending.
- Global cobalt supply tightened significantly in Q4 2025 due to export quotas from the Democratic Republic of Congo.
- Elevated energy costs and a 3.0% PPI rise in November 2025 drove higher production costs throughout Q4 2025.
- A 4.4% unemployment rate and 89.1 consumer confidence in December 2025 supported overall market demand.
Why did the price of Cobalt change in December 2025 in North America?
- Robust EV battery and aerospace demand boosted cobalt consumption in Q4 2025.
- Global supply tightened due to DRC export quotas and administrative bottlenecks during Q4 2025.
- Production costs rose, influenced by elevated energy prices and a 2.7% CPI rise in December 2025.
Cobalt Prices in APAC
- In China, the Cobalt Price Index rose in Q4 2025, driven by strong demand and elevated raw material costs.
- Cobalt production costs increased in Q4 2025 due to elevated raw material expenses and structural shortages.
- Cobalt demand strengthened in Q4 2025, with lithium cobalt oxide orders surging and NEV sales reaching new highs.
- Electrolytic cobalt output plummeted in December 2025, while high inventory levels constrained production.
- China's industrial production grew 5.2% year-over-year in December 2025, supporting overall demand.
- The Manufacturing Index expanded in December 2025, indicating growth in the broader manufacturing sector.
- Weak consumer demand (0.8% CPI, 0.9% retail sales, -1.9% PPI in December 2025) tempered some end-use applications.
- DRC's cobalt export quota system impacted Q4 2025 trade flows, delaying raw material arrivals.
Why did the price of Cobalt change in December 2025 in APAC?
- Elevated raw material costs and structural shortages in December 2025 constrained production, creating upward price pressure.
- Industrial production grew 5.2% year-over-year in December 2025, supporting overall demand for cobalt.
- Weak consumer spending (0.9% retail sales growth in December 2025) was offset by robust NEV sales in October 2025.
Cobalt Prices in Europe
- In Germany, the Cobalt Price Index rose quarter-over-quarter in Q4 2025, driven by significant global supply restrictions.
- Cobalt production costs increased in Q4 2025, influenced by surging raw material costs and 1.8% CPI rise in December 2025.
- Global cobalt inventories remained tight in Q4 2025, following multi-year lows observed earlier in the year.
- Demand for cobalt in EV batteries remained robust in Germany during Q4 2025, supported by 1.1% retail sales growth in November 2025.
- Germany's Manufacturing Index was contracting in December 2025, indicating a slowdown in industrial activity.
- Industrial production in Germany inched up by 0.8% year-on-year in October 2025, showing slight expansion.
- Consumer confidence in Germany was significantly pessimistic at -17.5 in December 2025, impacting discretionary spending.
- Producer prices declined by 2.5% year-on-year in December 2025, signaling weaker industrial demand, alongside 6.2% unemployment.
Why did the price of Cobalt change in December 2025 in Europe?
- DRC export quotas significantly curtailed global cobalt raw material supply in Q4 2025.
- Raw material costs for cobalt surged in Q4 2025 due to global supply restrictions.
- Tight global cobalt inventories in Q4 2025 supported price increases.
For the Quarter Ending September 2025
Cobalt Prices in North America
- In the United States, the Cobalt Price Index rose in Q3 2025, driven by strong EV demand and tightening supply.
- Production costs rose due to higher wholesale electricity prices and increased industrial retail electricity revenues in August 2025.
- Automotive demand for electric vehicles surged to record highs in Q3 2025, significantly boosting Cobalt consumption.
- Retail sales increased 5.42% year-over-year in September 2025, supported by a 4.3% unemployment rate.
- Global cobalt market oversupply eased in Q3 2025 as inventories tightened due to DRC export controls.
- Cobalt trade flows were disrupted in Q3 2025 by DRC export bans and U.S.-China trade tensions.
- Industrial production increased 0.1% year-over-year in September 2025, indicating near stagnation for Cobalt demand.
- Inflation (CPI 3.0% in September 2025, PPI 2.6% in August 2025) increased Cobalt operational costs.
- Declining consumer confidence to 94.2 in September 2025 suggested headwinds for discretionary Cobalt purchases.
Why did the price of Cobalt change in September 2025 in North America?
- Strong EV sales in Q3 2025 boosted Cobalt demand.
- Supply tightened from DRC export controls in Q3 2025.
- Higher electricity prices in August 2025 increased production costs.
Cobalt Prices in APAC
- In China, the Cobalt Price Index fell quarter-over-quarter in Q3 2025, due to deflationary pressures and oversupply.
- Robust electric vehicle sales, 60% of total car sales in Q3 2025, supported Cobalt demand.
- The DRC's cobalt export suspension in Q3 2025 tightened raw material availability, influencing production costs.
- Global cobalt markets remained oversupplied throughout 2025, contributing to downward price pressure.
- China's cobalt hydroxide imports plummeted in June 2025, remaining low through Q3, affecting domestic inventories.
- Deflationary pressures, with CPI down 0.3% and PPI down 2.3% in September 2025, indicated weak demand.
- A Contracting Manufacturing Index in September 2025 suggested reduced industrial activity.
- Industrial production increased 6.5% year-over-year in September 2025, indicating stronger manufacturing activity.
- Retail sales increased 3.0% year-over-year in September 2025, boosting demand for consumer goods.
Why did the price of Cobalt change in September 2025 in APAC?
- Deflationary pressures, with CPI down 0.3% and PPI down 2.3% in September 2025, dampened demand.
- A Contracting Manufacturing Index in September 2025 signaled reduced industrial activity.
- Global oversupply and low cobalt hydroxide imports to China impacted domestic inventory levels.
Cobalt Prices in Europe
- In Germany, the Cobalt Price Index fell quarter-over-quarter in Q3 2025, influenced by contracting industrial activity and elevated inventories.
- Cobalt production costs were impacted by copper mining costs and a 1.7% year-over-year decrease in producer prices in September 2025.
- Demand outlook was mixed; EV and portable electronics strengthened, but LFP battery adoption moderated cobalt chemical demand in Q3 2025.
- DRC export restrictions significantly tightened global cobalt supply through September 2025, impacting international trade flows.
- Refined cobalt social inventory remained elevated in July 2025, contributing to supply availability despite restrictions.
- The Manufacturing Index contracted in Q3 2025, indicating reduced overall industrial activity and demand for raw materials.
- Industrial production decreased by 1.0% year-over-year in September 2025, signaling weaker manufacturing output for cobalt end-uses.
- The Cobalt Price Forecast suggests continued pressure from elevated inventories and cautious industrial sentiment in Q4 2025.
Why did the price of Cobalt change in September 2025 in Europe?
- Contracting Manufacturing Index in Q3 2025 reduced overall industrial demand for cobalt-containing products.
- Elevated refined cobalt social inventory in July 2025 contributed to ample supply despite export restrictions.
- Industrial production declined by 1.0% year-over-year in September 2025, dampening demand across key sectors.
