Cobalt prices have fluctuated and risen since November
According to the Commodity Cobalt Market Analysis System of Shengyi Society, the cobalt price on December 12th was 410620 yuan/ton, a significant increase of 21.02% compared to the cobalt price of 339300 yuan/ton on October 1st; Compared to November 5th, the cobalt price of 385700 yuan/ton fluctuated and rose by 6.46%. After the introduction of the export quota system in the Democratic Republic of Congo, the country has added temporary royalty requirements and complex processes, adding uncertainty to the already tight cobalt supply chain. The expected shortage of cobalt supply in the international market has intensified, and cobalt prices have risen sharply.
Congo introduces quota system
In February 2025, the Strategic Mineral Market Supervision and Control Authority of the Democratic Republic of Congo announced a four month suspension of cobalt product exports in response to the global cobalt market oversupply; In June, the export ban was announced to be extended for three months; In September, the Strategic Mineral Market Supervision and Control Authority of the Democratic Republic of Congo announced on the 21st that the country would end the cobalt export ban implemented since February this year from October 15th, and switch to an export quota system on October 16th until further notice. For the remainder of this year, mining companies in the Democratic Republic of Congo will be allowed to export over 18000 tons of cobalt, with a maximum export volume of 96600 tons per year in 2026 and 2027. The government of the Democratic Republic of Congo has implemented a cobalt export quota system, resulting in a significant reduction in supply to the cobalt market in the country.
New regulations added in the Democratic Republic of Congo
The Ministry of Mines and the Ministry of Finance of the Democratic Republic of the Congo jointly announced on November 26 that cobalt exporters are required to prepay 10% of mining royalty fees and strengthen export supervision measures. The new regulations include mandatory quota review, joint sampling, batch weighing and sealing, as well as quota verification certificates (AVQ) issued by the Strategic Mineral Market Supervision Bureau (ARECOMS). Cobalt exporters are required to prepay 10% of the fee within 48 hours after submitting the country of origin and sales declaration, and obtain a “release receipt” before customs clearance. All mineral transportation must undergo on-site inspections and multi agency supervision. Due to unclear procedures and vague payment requirements, no goods have left the port so far. The stagnation of cobalt exports in the Democratic Republic of Congo has exacerbated the risk of cobalt shortage in the market, leading to a tight supply of cobalt.
Overview and Prospect
According to data analysts from Shengyi Society, the introduction of an export quota system in the Democratic Republic of Congo has led to a shortage of supply in the cobalt market. The new regulations in the Democratic Republic of Congo have caused an increase in the cost of cobalt exports, and the unclear procedures for cobalt exports have resulted in a stagnation of cobalt exports in the country. As a result, the supply shortage in the cobalt market has intensified, leading to an increase in cobalt costs. Overall, due to supply shortages and rising costs, there is still room for cobalt prices to rise in the future.
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