Cobalt prices averaged USD 33,482 per metric ton in September, up 1.8% from August. On 30 September, the commodity traded at USD 34,576 per metric ton, up 5.1% from 29 August.
In September, cobalt prices rose to a 29-month high. The increase reflected the decision by the DRC—which mines about 70% of global cobalt demand—to replace its previous eight-month cobalt export ban, imposed in February 2025, with a tight annual quota system that is set to undersupply the market.
This chart displays Cobalt (US$/mt) from 2023 to 2025.
Cobalt (prices in US$/mt, aop)
| Q1 2023 | Q2 2023 | Q3 2023 | Q4 2023 | Q1 2024 | Q2 2024 | Q3 2024 | Q4 2024 | Q1 2025 | Q2 2025 | Q3 2025 | Q4 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cobalt | - | - | - | 32,034 | 28,423 | 27,440 | 25,233 | 24,273 | 25,681 | 33,183 | 33,091 | - |