Cobalt Price Today: LME Spot, History & Forecast

The cobalt price on the SMM China domestic benchmark stands at $51,030.20 per tonne ($51.03/kg) as of 3 August 2026, according to Shanghai Metals Market (SMM), down from $56,413.35/tonne in July. On the international market, Rotterdam warehouse cobalt metal trades at approximately $57,827/tonne ($26.23/lb) as of 3 August 2026 — up modestly from July’s ~$57,430 — the closer proxy to the LME cash benchmark, which remains flat at $56,290/tonne, unchanged since March 2026. The gap between the domestic and international figures has widened materially this cycle as the domestic price has fallen while the international benchmark has held firm, a reversal of the narrowing trend suggested by earlier readings. For the broader monthly price context across all tracked metals, see our Critical Minerals Market June 2026 analysis.

The LME cobalt contract — physically settled, 1-tonne lot size — remains the primary global benchmark for cobalt metal (standard grade, min. 99.8% Co). The LME introduced a 100% fee discount on cobalt contracts effective until 31 December 2027 to develop electronic liquidity.

Current Cobalt Price

Cobalt trades across two distinct markets: cobalt metal (SMM/LME benchmark, $/tonne) used in superalloys, hard metals, and some battery applications; and cobalt hydroxide (Fastmarkets payable indicators, expressed as % of LME metal price) — the primary battery supply chain feedstock exported from the DRC to Chinese refiners, converted to cobalt sulphate for NMC cathode production. The two prices move together but diverge based on battery demand cycles and refinery throughput.

Last updated: 3 August 2026. China Domestic figure is the SMM benchmark, VAT-inclusive (13%). International figure reflects Rotterdam warehouse pricing, VAT-excluded, and is the closer proxy to LME cash terms. Both benchmarks are referenced in this page where relevant.

Cobalt Price History

The cobalt market has completed a full cycle since its 2022 peak, troughing in 2024 before a sharp recovery through 2025 and into 2026. The 2022 peak was driven by post-pandemic supply chain stress and accelerating EV battery demand. The 2024 trough reflected oversupply from DRC artisanal and large-scale mining combined with softer-than-expected EV growth in key markets. Fastmarkets attributed the 2025 recovery to a dried-up feedstock pipeline — structural tightening in cobalt hydroxide supply from the DRC that ran ahead of demand signals. This cycle’s domestic pullback, against a steady international benchmark, is the first notable divergence in that recovery narrative and worth watching for whether it persists.

Historical figures sourced from LME official data and Fastmarkets assessments. Estimates flagged — treat as directional. Production context: USGS Mineral Commodity Summaries.

Cobalt Price in USD, EUR, GBP and Other Currencies

Exchange rates: Google Finance/XE, August 2026. Conversions calculated from the China Domestic (SMM) benchmark. CNY figures reflect the USD/CNY mid-market rate and do not represent the SMM domestic Chinese price, which incorporates VAT and may differ materially.

Cobalt Price Per Gram, Per Ounce and Per Pound

What Is Driving Cobalt Prices

Supply-Side Drivers

The DRC accounts for approximately 70% of global mined cobalt output, making it the single most consequential supply variable. Feedstock pipeline disruptions — including artisanal mining volatility and export logistics constraints — drove the tightening Fastmarkets identified through 2025. A further structural shift came in January 2026 when Managem announced it would convert its Bou-Azzer facility in Morocco from cobalt metal to cobalt sulphate production, further tightening the already constrained cobalt metal market specifically.

In February 2026, the DRC’s state-controlled Entreprise Générale du Cobalt (EGC) made its first copper and cobalt shipments to Trafigura and Mercuria via the Lobito Corridor — a US- and EU-backed rail route through Angola to Atlantic export terminals. This signals a nascent Western-aligned supply route from the DRC, though volumes remain small relative to China-bound flows. The China cobalt supply chain analysis covers DRC-to-China material flows in full.

Demand-Side Drivers

NMC (nickel manganese cobalt) cathode chemistries — specifically NMC 622 and NMC 811 — remain the dominant battery application for cobalt in Western and Korean EV supply chains. Major consumers include CATL (SZ: 300750), LG Energy Solution (KRX: 373220), and Samsung SDI (KRX: 006400). Superalloy demand — cobalt’s second-largest end-use — is driven by jet engine and gas turbine manufacturers supplying defence and commercial aerospace markets.

The most significant 2026 demand signal remains the US administration’s $12 billion strategic critical minerals stockpile initiative, with cobalt named as a priority material. This cycle’s domestic price pullback, against a steady LME/international benchmark, suggests the stockpile-driven confidence priced in through June and July may be moderating on the Chinese domestic side specifically, even as the international market holds its ground.

Structural Headwind: LFP Battery Growth

Lithium iron phosphate (LFP) battery chemistry contains no cobalt and has gained significant market share in Chinese EVs and increasingly in Western markets. LFP growth structurally reduces cobalt intensity per vehicle as the global EV fleet scales. This is a genuine medium-term demand headwind that analysts including Fastmarkets and Adamas Intelligence have flagged in their cobalt demand modelling. It does not eliminate cobalt demand — superalloy, defence, and consumer electronics applications are cobalt-only — but it moderates battery-driven growth projections materially.

China’s Processing Dominance

China accounts for approximately 70% of global cobalt refining and chemical conversion capacity. Huayou Cobalt (SH: 603799) and CNGR Advanced Material are among the dominant processors converting DRC hydroxide into battery-grade cobalt sulphate. This concentration means that even Western-mined or DRC-sourced cobalt typically passes through Chinese processing before re-entering the battery supply chain. The China critical minerals export controls analysis covers processing concentration risk across battery metals.

Cobalt Price: Western Supply Development

The Lobito Corridor development, backed by the US and EU, is the most concrete near-term supply chain diversification mechanism for DRC cobalt, creating a viable Atlantic export route that bypasses traditional China-aligned logistics chains. Freeport Cobalt’s refinery in Kokkola, Finland, remains the most significant Western cobalt refining facility outside China, producing cobalt sulphate and chemicals for European battery manufacturers. Umicore (EBR: UMI) in Belgium operates cobalt-to-battery-materials processing and has invested in closed-loop cobalt recycling capacity.

EU battery regulation — including the Battery Passport and supply chain due diligence requirements under the Critical Raw Materials Act — is creating structural incentives for European sourcing and processing, though capacity build timelines remain multi-year. The EU Critical Raw Materials Act supplier guide covers compliance requirements in full.

Cobalt Price Outlook

Fastmarkets forecast a cobalt price market deficit for 2026 as of their January 2026 assessment, driven by feedstock tightness and recovering demand. This cycle’s domestic price pullback — set against a flat LME/international benchmark and a still-tight cobalt sulphate intermediate market (see CMN’s cobalt sulphate price page for the upstream hydroxide payable and processing-fee data) — complicates a straightforward deficit narrative and is worth monitoring closely next cycle rather than treated as a trend reversal on one month of data. The key variables to monitor: the pace and scale of US government stockpile purchasing; the rate of LFP adoption in Western EV markets; and whether DRC feedstock supply stabilises or tightens further through H2 2026. All forecasts remain subject to revision. The Cobalt Institute publishes regular supply and demand data for the global cobalt market.

Cobalt vs Lithium

Cobalt and lithium are co-dependent inputs in NMC battery cathode chemistry — both are required in NMC 622 and NMC 811 formulations, and demand for one broadly tracks demand for the other in this application. However, the LFP shift creates a structural divergence: as LFP gains EV market share, lithium demand continues to grow while cobalt demand from batteries is proportionally reduced. Defence and superalloy demand provides cobalt with a price floor that lithium does not share — jet engines and gas turbines require cobalt-bearing superalloys regardless of battery chemistry trends. For the current lithium price and supply chain outlook, see our lithium price tracker.

Defence and Strategic Stockpile Demand

Cobalt is a DoD-designated strategic material primarily for its role in superalloys used in jet engine turbine blades and gas turbines — applications where no substitute currently matches cobalt’s performance at operating temperatures. The US maintained a national cobalt stockpile through the Cold War era; that reserve was largely drawn down through the 1990s and 2000s. The current US strategic minerals initiative marks a return to reserve policy not seen since the Cold War period, with cobalt named as a priority material. Allied governments including the UK, EU, Japan, and Australia are at various stages of critical minerals stockpile planning, with cobalt consistently appearing on strategic materials lists. The MBDA missile supply chain analysis covers the defence procurement angle in detail.

This article is for informational purposes only and does not constitute investment advice. Prices are subject to change without notice.