For the Quarter Ending September 2025
North America
• In the United States, the Cobalt Oxide Price Index remained stable in Q3 2025, with raw material prices flatlining despite DRC export controls.
• Production costs faced upward pressure from a 2.6% Producer Price Index increase in August 2025, alongside a 3.0% CPI rise in September 2025.
• However, industrial natural gas feedstock costs in the US weakened from July to September 2025, partially mitigating overall cost increases.
• Demand for cobalt-containing batteries, particularly for electric vehicles, strengthened in Q3 2025, boosting the Cobalt Oxide market.
• The portable electronics sector also showed recovery in Q3 2025, contributing positively to Cobalt Oxide demand.
• Sluggish industrial production, up only 0.1% in September 2025, indicated weak overall manufacturing activity.
• Despite strong retail sales (up 5.42% in September 2025), declining consumer confidence in September 2025 tempered demand.
• The global cobalt market remained oversupplied in 2025, while tight DRC export controls supported higher cobalt price levels.
Why did the price of Cobalt Oxide change in September 2025 in North America?
• Producer Price Index rose 2.6% in August 2025, increasing Cobalt Oxide production input costs.
• Industrial natural gas feedstock costs weakened July-September 2025, providing some downward cost relief.
• Tight DRC export controls in Q3 2025 supported higher cobalt price levels, impacting pricing.
Europe
• In Germany, the Cobalt Oxide Price Index rose quarter-over-quarter in Q3 2025, driven by tight feedstock supply.
• Production costs were influenced by stabilized raw material prices and elevated electricity costs in Q3 2025.
• Producer prices decreased by 1.7% in September 2025, partially offsetting general inflation of 2.4% CPI.
• Automotive demand for electric vehicles strengthened in Germany during September 2025, boosting consumption.
• Industrial production declined by 1.0% in September 2025, indicating weaker overall industrial demand.
• Cobalt product inventories tightened in Q3 2025 due to feedstock shortages and DRC export halt.
• Retail sales rose by 0.2% in September 2025, while unemployment remained stable at 6.3%.
• The Cobalt Oxide Price Index is expected to remain firm, supported by ongoing supply constraints and robust EV demand.
Why did the price of Cobalt Oxide change in September 2025 in Europe?
• Tightened cobalt product inventories from DRC export halt impacted supply in Q3 2025.
• Strong automotive demand for electric vehicles in Germany supported Cobalt Oxide consumption in September 2025.
• Bolstered cobalt raw material costs from DRC export controls increased production expenses in Q3 2025.
APAC
• In China, the Cobalt Oxide Price Index fell quarter-over-quarter in Q3 2025, influenced by contracting manufacturing activity.
• Cobalt Oxide demand outlook was mixed, with robust power battery output contrasting low consumer confidence (89.6 index).
• Production costs for Cobalt Oxide experienced downward pressure as producer prices declined 2.3% year-on-year in September 2025.
• Strong new energy vehicle production in China during the first eight months of 2025 supported Cobalt Oxide consumption.
• High-tech manufacturing output climbed in Q3 2025, indicating sustained demand for advanced applications.
• The Cobalt Oxide Price Index faced headwinds from a 0.3% year-on-year decline in consumer prices in September 2025.
• Industrial production growth of 6.5% year-on-year in September 2025 provided a bullish signal for Cobalt Oxide demand.
• Retail sales increased 3.0% year-on-year in September 2025, offering support for end-use product demand.
• A stable unemployment rate of 5.2% in September 2025 provided neutral support for consumer purchasing power.
Why did the price of Cobalt Oxide change in September 2025 in APAC?
• Producer prices declined 2.3% year-on-year in September 2025, reducing manufacturing input costs.
• Consumer confidence remained low at 89.6 in September 2025, dampening discretionary spending.
• Manufacturing activity contracted in September 2025, signaling weaker industrial demand.
