Posted on 24 Jun 2025
The Democratic Republic of Congo (DRC) has extended its ban on exports of cobalt by three months, citing persistent market oversupply.
The DRC, the world’s largest cobalt supplier, initially suspended exports of the critical mineral for four months starting 22 February to help stabilise the market. At the time, cobalt prices had hit a nine-year low of around $10/pound ($22,000/tonne) due to an oversupply in the market, primarily driven by the ramp-up of production by China’s CMOC Group.
Last month, the country commenced a review of the ban, which was due to expire on 22 June. DRC is also mulling the introduction of an export quota mechanism to maintain control of supply.
On Saturday, the Authority for the Regulation and Control of Strategic Mineral Substances’ Markets (ARECOMS) said the suspension would be extended “due to the continued large stocks on the market.” The ban applies to all origins of cobalt – industrial, semi-industrial, artisanal or small-scale exploitation.
ARECOMS will announce a new decision before the end of the extended ban that will “modify, extend or terminate this temporary suspension,” the agency adds in the statement seen by Kallanish.
Since the ban in February, cobalt prices have been rebounding. On Monday, the 3-month future price closed at $33,335/t on the London Metal Exchange (LME).
The price of the metal also rose about 10% on the Wuxi Stainless Steel Exchange following the extension of the ban, according to reports.
Earlier this month, Swiss miner and trader Glencore reportedly declared force majeure on some cobalt contracts due to the DRC export ban. While Glencore used to be the world’s largest cobalt miner, CMOC took over the title around two years ago.
Source:Kallanish
