Darton Commodities is one of the most closely watched names in the global cobalt market — a physical trader, market intelligence provider, and London Metal Exchange Category 5 member that has shaped cobalt price understanding for over two decades. In 2025, the firm was acquired by Marex, the London-headquartered commodities broker, in a move that extended its research and market commentary to Marex’s institutional client base.
Darton Commodities: Company Overview
Darton Commodities Ltd was established in October 2000 by Guy Darby and Roy Walton, who together brought more than 50 years of experience in the supply, finance, and logistics of ferro alloys, base metals, and minor metals. Headquartered in Guildford, Surrey, the company operates as a subsidiary of Darton Group Ltd (Companies House No. 11566378), with the operating entity registered under No. 4037429.
The firm sits within CMN’s European critical minerals supply chain coverage area and is an active member of the Minor Metals Trade Association (MMTA), the Cobalt Development Institute, and the founding member of the Cobalt REACH Blue Consortium (CoRC). Its ISO 9001:2015 accreditation reflects the operational standards expected by its industrial customer base.
European deliveries are handled through Darton Commodities BV, a Dutch subsidiary registered in Zeist, Netherlands (Chamber of Commerce No. 71869476), which acts as REACh importer under EU chemicals regulation for cobalt goods supplied into the European market.
Physical Trading and Products
Darton Commodities has historically positioned itself as one of the largest independent, specialised cobalt metal suppliers operating in the physical market. Its core product is cobalt metal in various forms, supplied under long-term contracts with risk control mechanisms or fixed-price arrangements — a structure that distinguishes it from brokers operating purely in the financial market.
The firm has worked with major cobalt producers including Chambishi Metals and Ambatovy, developing European sales channels for their cobalt output. Beyond cobalt, Darton also handles nickel powder, nickel briquettes, molybdenum, rhenium, and ruthenium — metals that share the technology and battery supply chain space with cobalt. For current pricing context, see CMN’s cobalt price tracker.
Its LME Category 5 membership provides access to exchange pricing infrastructure and positions Darton within the formal settlement framework used by major buyers and sellers to benchmark physical cobalt transactions.
Market Research: The Annual Cobalt Market Review
Darton Commodities produces what is widely regarded as the most authoritative independent cobalt market research publication in the sector. The annual Cobalt Market Review draws on first-hand supply chain intelligence — including global production data, export and import statistics, and consumption trends that are difficult to access from secondary sources alone.
Director Andries Gerbens, who leads global marketing and authors the review, has been a consistent voice in cobalt market analysis. His commentary on the 2023 oversupply cycle — attributing the record surplus to aggressive DRC output growth by CMOC and Indonesian supply expansion — proved accurate, as did the firm’s subsequent analysis of the structural tightening that followed the DRC’s export intervention in early 2025.
Following the Marex acquisition, the Darton research output is now distributed through Marex’s Neon Insights platform, accessible to Marex clients and by subscription. The team — Gerbens, Director of Global Trading Sam Carne, and analyst Tom Walton — continues to publish regular market commentary alongside the annual review.
Darton Commodities and the 2025–2026 Cobalt Market
The cobalt market cycle of 2023–2026 tested the firm’s analytical positioning. After correctly identifying the record 2023 surplus — driven by a 17% year-on-year surge in mined output — Darton’s research tracked the subsequent collapse to nine-year price lows before the DRC’s February 2025 export ban triggered a sharp reversal. Cobalt metal entered 2026 at approximately $56,414 per tonne, levels not seen since mid-2022.
Darton’s published data indicates the DRC’s 2026–2027 export quota of 96,000 metric tonnes has moved the market into a technical deficit. The firm’s forecasts, alongside those from S&P Global, point to sustained tightness through the end of the decade — a significant shift from the oversupply narrative that defined 2022–2024. For broader context on current critical minerals market conditions, see CMN’s April 2026 market analysis.
China’s refining dominance remains a structural factor Darton has flagged consistently. Its data has indicated that Chinese entities own or operate approximately 60% of global cobalt supply capacity — a concentration that shapes both price formation and Western supply chain security discussions.
Company Snapshot
| Founded | October 2000 |
|---|---|
| Founders | Guy Darby, Roy Walton |
| Headquarters | Guildford, Surrey, UK |
| Parent company | Darton Group Ltd (acquired by Marex, 2025) |
| Operating entity | Darton Commodities Ltd — Reg. No. 4037429 |
| EU entity | Darton Commodities BV, Zeist, Netherlands |
| Primary commodity | Cobalt metal (also: nickel, molybdenum, rhenium, ruthenium) |
| LME status | Category 5 Member |
| Accreditations | ISO 9001:2015; MMTA member; CDI member; CoRC founding member |
| Research output | Annual Cobalt Market Review (distributed via Marex Neon) |
Darton Commodities operates at the intersection of physical cobalt trading and market intelligence — a combination that has made it a reference point for buyers, producers, and analysts tracking one of the most volatile cobalt supply chains in the critical minerals sector.
What does Darton Commodities do?
Darton Commodities is a specialist cobalt metal trader and market research provider based in Guildford, UK. It supplies physical cobalt under long-term and fixed-price contracts, holds LME Category 5 membership, and publishes the annual Cobalt Market Review — widely regarded as the leading independent research publication on cobalt supply and demand.
Who acquired Darton Commodities?
Marex, the London-based commodities broker, acquired Darton Commodities in 2025. The Darton research team continues to operate under the Marex umbrella, with market commentary and the annual cobalt review distributed through Marex’s Neon Insights platform.
Who are the key people at Darton Commodities?
Andries Gerbens is Director of Global Marketing and the author of the annual Cobalt Market Review. Sam Carne is Director of Global Trading and Strategy. Tom Walton serves as analyst and trade support for cobalt and lithium. Alicia Hughes leads finance and shipping operations.
What is the Darton Commodities Cobalt Market Review?
The Cobalt Market Review is Darton’s flagship annual research publication, compiled from first-hand supply chain intelligence including global production data and consumption trends. It covers cobalt supply, demand, price dynamics, and outlook, and is available to Marex clients or by subscription via the Neon Insights platform.
What other metals does Darton Commodities trade?
In addition to cobalt, Darton Commodities handles nickel powder, nickel briquettes, molybdenum, rhenium, and ruthenium — metals that share the technology metals and battery supply chain space with cobalt.
