Commodity
Cobalt
Cobalt stabilises battery cathodes, which is why it matters far beyond the small volumes involved. It also carries a supply chain question that few other metals do.
Price
Annual reference price
2025, estimatedNot a live price. Annual average, published once a year. Use it for scale and direction, not as today's price.
| Year | Price, USD/lb | Against the highest year shown |
|---|---|---|
| 2021 | 24.21 | |
| 2022 | 30.78 | |
| 2023 | 17.20 | |
| 2024 | 16.77 | |
| 2025e | 21.00 |
Source: U.S. Geological Survey, Mineral Commodity Summaries 2026, from S&P Global Platts Metals Week assessments. Checked 13 September 2026.
What it is used for
- Lithium-ion battery cathodes
- Superalloys for jet engines
- Hard metals and cutting tools
- Catalysts and pigments
Supply
Most cobalt is a by-product of copper and nickel mining rather than the main product, and production is heavily concentrated in the Democratic Republic of the Congo. Battery makers have spent years trying to design it down.
Principal producing countries: Democratic Republic of the Congo, Indonesia, Russia, Australia, Canada.
Producer list from United States Geological Survey, Mineral Commodity Summaries, checked 10 September 2026.