Cobalt Ore: Market Size & Forecast 2026

The global cobalt ore market stands at approximately USD 15.5 billion in 2025 (base year), compressed by a demand surplus that has persisted since the 2022 lithium-ion battery demand shock. The market demonstrated approximately 250,000 metric tons of mined production in 2025, with cobalt hydroxide benchmarks recovering to USD 62,500-74,500 per metric ton across Asian, European, and US markets in the second quarter of 2026 following the Democratic Republic of Congo export restrictions. The Buyer Power Score sits at -2.5 on the -5.0 to +5.0 scale, supplier-favoring, driven by concentrated DRC supply, inelastic battery-sector demand, and fragmented downstream processing. > **Analyst Take.** The call is to diversify DRC exposure now, not when the next export ban hits. Buyers who anchored to pre-2025 pricing and ignored the DRC quota-regime risk are already paying 40% above their 2024 contrac

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