Cobalt Prices Soar as DRC Ban Exports of Battery Materials

(3 Minutes Read)

Two weeks ago, Kinshasa, the world’s biggest producer, announced a surprise ban on exports of cobalt in a bid to drive prices up. Authorities said the four-month moratorium aimed to stabilise the market burdened by oversupply.

Cobalt prices soared due to panic over the ban on the export of battery material by the Democratic Republic of Congo (DRC). Cobalt trading was paused after prices jumped nearly 12%, the highest since October.

Prices also rose in Europe. Two weeks ago, Kinshasa, the world’s biggest producer announced a surprise ban on exports of cobalt in a bid to drive prices up. Authorities said the four-month moratorium aimed to stabilise the market burdened by oversupply.

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Then, prices had fallen to USD 22,000 a metric ton, the lowest in nine years. On Monday, Luxembourg-based ERG declared a force majeure on cobalt deliveries, citing the export ban. The company is the third-largest cobalt producer in Congo. Kinshasa has promised to review the ban after three months.