The Cobalt Institute forecasts a significant demand surge in 2025, projecting a 10% increase, reaching approximately 227,000 tonnes globally. This growth is primarily driven by the expanding electric vehicle (EV) market and the widespread use of rechargeable batteries in consumer electronics. In response to previous oversupply and declining prices, the Democratic Republic of Congo (DRC), which produces nearly 70% of the world’s cobalt, implemented a four-month export suspension in February to stabilize the market. While this move initially caused prices to spike, they have since stabilized, with global stocks deemed sufficient to meet demand for about four months.
