Cobalt

A battery and superalloy metal, mostly mined as byproduct, with Congo dominating output.

Overview

Around 200,000 tonnes a year come to market, over 70 percent from DR Congo as a byproduct of copper mining, with Indonesian mixed hydroxide the fast rising second source. Demand leans on lithium ion cathodes plus superalloys for jet engines and catalysts. The LME prices metal while battery chemical sulfate prices set cell costs, and hydroxide payables are the trade term. Artisanal mining ethics keep the metal in policy fights, pushing automakers toward long contracts and iron phosphate chemistry shifts. Prices spiked in 2018, collapsed, spiked again in 2022 on demand, then slid as supply grew and engineers thinned loadings per vehicle.