17-07-2025
Cobalt prices up as Congo extends export ban on EV battery metal
Congo accounted for 76% of global cobalt mine production in 2024, according to the U.S. Geological Survey. © Reuters
SHUGO YAMADA
TOKYO -- Prices of cobalt, used in electric-vehicle batteries, have soared since top exporter Congo halted exports, with some expecting the high prices to trigger a shift away from using the rare metal in batteries.
The European spot price for cobalt came to around $17.50 per pound as of July 10, up about 50% from the start of 2025, according to U.K. research firm Argus Media. The approximately $11.50 price at the start of the year was the lowest level since 2016.
