The cobalt export suspension from the Democratic Republic of Congo (DRC) will expire on October 15. The restriction, imposed in February, extended in June and again on Sunday, had a profound impact on the market price of battery metal, which recovered over 60% since February.
Since the restrictions, cobalt prices have rebounded sharply. On COMEX, cobalt last traded at around $16 per pound. In China, cobalt sulphate entering the EV supply chain averaged $6,947 per ton in August, more than 90% higher than at the start of the year, though still well below the $19,000 peak reached in 2022.
According to Adamas Intelligence, the value of cobalt deployed in EV batteries rose to $180 million in August, the highest since late 2022. Average cobalt content value per vehicle climbed back above $70, nearly double January levels.
Meanwhile, both Washington and Beijing have been quietly stockpiling. China increased reserves earlier this year, while the US Department of Defense issued its first tender since 1990 to secure 7,500 tons over five years.
For Washington, the focus is also on diversification. The US is seeking to avoid reliance on a single producer country, even one as resource-rich as Congo.
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