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Indicative price brief for Cobalt - Global. Methodology: trade publications, broker reports, and industry sources reviewed by Nexchem. This is directional intelligence, not a regulated benchmark assessment.
LME cobalt cash pricing in USD/lb. DRC Artisanal and Industrial cobalt supply tracker, Glencore and China Molybdenum capacity analysis, NMC versus LFP battery chemistry share shift impact, FEOC cobalt compliance for IRA battery credits, and 3-scenario price outlook. Published monthly.
Global cobalt at USD 12.84 per pound LME is down 13.0% year on year - sharing the structural decline pattern of lithium carbonate, lithium hydroxide, and spherical graphite - as LFP battery chemistry growth in Chinese EVs simultaneously reduces per-vehicle cobalt content and the NMC cells that do use cobalt are reducing cobalt loading from NMC622 toward NMC811 and NMC9-half-half formulations that use approximately 40% less cobalt per kWh of battery capacity.
Global cobalt supply is dominated by DRC mining at approximately 170,000 MT per year of contained cobalt from artisanal and industrial sources, supplemented by Australian nickel-cobalt laterite production from BHP and Wyloo at approximately 5,000 MT per year, Philippine nickel laterite cobalt at approximately 8,000 MT per year, and secondary cobalt from battery recycling at approximately 12,000 MT per year growing rapidly. Glencore is the largest single cobalt producer globally through its DRC Mutanda and Katanga operations. Chinese processing of DRC cobalt hydroxide to battery-grade cobalt sulfate at Umicore, GEM, and Huayou facilities gives China approximately 80% of global cobalt refining capacity. Demand for Cobalt in Global is concentrated in battery materials, high-performance polymer, and energy transition applications, with procurement driven by qualification requirements, FEOC compliance mandates, and supply chain localisation policy rather than spot market economics alone. NMC Cobalt Demand Headwind - BYD LFP battery cell share in Chinese EV production reached approximately 58% in Q1 2026. Each shift from NMC622 to LFP eliminates approximately 60g of cobalt per kWh of battery capacity. The LFP share growth is the primary structural headwind for c. In the current 2026 supply and demand environment, Cobalt pricing in Global reflects both structural market conditions and active geopolitical supply chain disruption.
The IMF confirmed in March 2026 that the closure of the Strait of Hormuz had disrupted approximately 20% of global seaborne oil and LNG supply. For global cobalt, the Hormuz disruption has no direct supply chain impact - DRC cobalt is exported via South African and Tanzanian ports through the Indian Ocean and does not transit the Strait of Hormuz. Chinese cobalt sulfate production and European Umicore cobalt processing similarly use supply chains independent of Middle Eastern logistics. The primary cobalt pricing variables are NMC versus LFP battery chemistry share in Chinese EV production and the pace of NMC cathode cobalt loading reduction - both independent of Middle Eastern geopolitics. 74% of Global Cobalt from Single Country - Artisanal and industrial cobalt mining in the Democratic Republic of Congo accounts for approximately 74% of global cobalt supply. Glencore Mutanda and Katanga, China Molybden.
The paid report is a professionally formatted PDF with structured sections, colour-coded grade price tables, alert boxes, capacity atlas tables, a 3-scenario price outlook, and analyst cards. The accompanying Excel file contains all price data in editable format for direct integration into procurement models.
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Every Nexchem Intelligence price report includes field-level analyst commentary covering supply shortages, qualification timelines, geopolitical friction, and pricing pressure - not generic market narrative. Nexchem analysts are active in the market and attribute all field intelligence to verifiable primary sources.
The paid report includes full scenario assumptions, quarterly price ranges for Q3 2026, Q4 2026, and Q1 2027, probability weighting for each scenario, and a procurement recommendation tailored to each case - covering what to do if the bull case materialises, what to hedge in the base case, and how to protect exposure in the bear case.
The IMF confirmed in March 2026 that the closure of the Strait of Hormuz had disrupted approximately 20% of global seaborne oil and LNG supply. For global cobalt, the Hormuz disruption has no direct supply chain impact - DRC cobalt is exported via South African and Tanzanian ports through the Indian Ocean and does not transit the Strait of Hormuz. Chinese cobalt sulfate production and European Umicore cobalt processing similarly use supply chains independent of Middle Eastern logistics. The primary cobalt pricing variables are NMC versus LFP battery chemistry share in Chinese EV production and the pace of NMC cathode cobalt loading reduction - both independent of Middle Eastern geopolitics.
Important: Nexchem Intelligence price reports are indicative price intelligence, not price assessments. We are not a Price Reporting Agency and our prices are not IOSCO-compliant. For contract settlement, mark-to-market valuation, or derivative pricing, use ICIS, Argus, or S&P Global Platts. Our reports are for procurement strategy, supply chain planning, and market analysis only.
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