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Cobalt, a key raw material for electric vehicle (EV) batteries, surged 32% in a single day. On March 11, cobalt (99.8% alloy grade) on the Rotterdam exchange rose to $18.5 per pound, marking a 32.14% increase from the previous trading session and the highest level in over 17 months.

The price spike followed the Democratic Republic of Congo's (DRC) decision to impose a four-month cobalt export ban, aiming to counter price declines caused by oversupply. As the world’s largest cobalt producer, accounting for 74% of global output (230,000 tons), Congo’s decision is expected to disrupt the global supply chain significantly.

Following the announcement, cobalt prices surged nearly 12% on China’s Wuxi Stainless Steel Exchange, temporarily halting trading. Given cobalt’s critical role in EV batteries and consumer electronics, the export ban could have a widespread impact across industries. South Korea, which imported 13,426 tons of cobalt in 2024, sources a significant portion from the DRC (5,995 tons) and China (3,759 tons).

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