Electric Royalties: Royalty Company Focused on Clean Energy Metals,
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Cobalt Market Forecast and Cobalt Stocks to Buy in 2025
Cobalt Market 2024 Year-End Review
Cobalt prices started 2024 trading at the US$29,151.50 per metric ton (MT) level, the highest price point the battery metal achieved for the year. By December, it had contracted by 16.68 percent to US$24,287.90.
Prices remained under pressure due to oversupply, with the Democratic Republic of Congo (DRC) maintaining its dominant position as the world’s largest producer. Meanwhile, efforts to diversify supply chains and reduce reliance on the DRC gained momentum, with new projects and funding infusions announced in Canada and the US.
On the demand side, the rise of lower-cobalt battery chemistries weighed on consumption. Lithium-iron-phosphate (LFP) batteries continued gaining market share globally, pressuring cobalt’s role in the electric vehicle (EV) sector.
However, cobalt’s use in high-performance batteries for smartphones and other electronics remained resilient, offering a counterbalance to declines elsewhere. Geopolitics and policy added another layer of complexity, with China expanding its influence in African mining regions and western nations pursuing stricter supply chain transparency laws.
These dynamics are expected to shape cobalt’s role in the critical metals market into 2025 and beyond, as stakeholders grapple with the metal’s evolving importance in a decarbonized economy.
2024 cobalt supply and demand trends
Residual oversupply from 2023 prevented any price positivity in the cobalt market through 2024.
According to the US Geological Survey’s annual cobalt report, mine supply of the battery metal ballooned in 2023, growing 16.75 percent year-on-year, from 197,000 MT in 2022 to 230,000 MT in 2023.
Over the last three years, annual mine supply has soared, from 142,000 MT to 230,000 MT, up 61 percent.
For 2023, 170,000 MT were mined in the DRC; the African nation is home to the five largest cobalt mines in the world. These high-grade areas have attracted the attention of Chinese mining…
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