DRC Cobalt Export Restrictions Drive Prices Up 150% as Global Supply Tightens
The Democratic Republic of Congo’s restrictions on cobalt exports have triggered a sharp increase in global prices, highlighting the country’s growing influence over the supply of one of the world’s most important battery metals.
According to S&P Global, cobalt prices surged by about 150% following the introduction of export controls by the DRC.
The measures have significantly tightened global availability and increased concerns among refiners and manufacturers over access to cobalt feedstock.
The DRC introduced an export suspension in February 2025 after prolonged oversupply pushed cobalt prices to multi-year lows. The ban was later replaced by an export quota system in October 2025.
Under the current framework, cobalt exports are capped at 96,600 tonnes annually for 2026 and 2027.
The limit includes an 87,000-tonne base quota allocated to producers and a 9,600-tonne strategic quota. The permitted volumes are significantly below the country’s previous export levels.
Supply constraints reshape the market
The restrictions have transformed the outlook for the global cobalt market. S&P Global expects the reduced export volumes to contribute to a market deficit in 2026 and 2027, reversing previous expectations of continued surpluses.
The impact has been particularly significant for Asian refiners, which rely heavily on cobalt hydroxide from the DRC. Disruptions to exports have contributed to tighter feedstock availability and elevated prices.
The policy also reflects Kinshasa’s broader strategy of gaining greater control over its cobalt resources and encouraging more investment in domestic processing and value addition.
However, the restrictions are creating challenges across the supply chain, including administrative delays, stockpiling and uncertainty for international buyers.
With the DRC remaining the world’s dominant cobalt producer, changes to its export policy are likely to continue influencing global prices, battery supply chains and investment decisions across the critical minerals sector.
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