DR Congo cobalt hydroxide ban helped double cobalt metal prices
Big news for anyone following EVs: The Democratic Republic of the Congo, which supplies most of the world's cobalt, banned exports of cobalt hydroxide in early 2025.
This move helped push prices up, and it worked: cobalt metal prices doubled by October 2025.
By March 2026, cobalt hydroxide and cobalt metal prices were matching, an unprecedented pattern in Fastmarkets's data going back to 2019.
China and India seek cobalt alternatives
With 76% of cobalt demand going into battery applications in 2024, manufacturers are scrambling for alternatives like recycled cobalt and LFP batteries that don't need any cobalt at all.
China, the biggest EV market, is running low on options as it shifts to recycled materials.
Meanwhile, India is launching new missions and even exploring the ocean for minerals to keep up with soaring EV demand.
Both countries are feeling the heat as supplies get harder to find.