From cautiously bullish to downward pressure: Q2 Cobalt Price Review

In Q2 2026, cobalt prices have been characterised by growing downward pressure, as the supply-side support that defined Q1 proved insufficient to counteract the widespread weakness in spot buying across the downstream battery supply chain. Throughout the quarter, cobalt prices remained rangebound, though market sentiment shifted from cautiously bullish to a more dampened tone. A persistent lack of downstream demand gradually eclipsed the Q1 supply-side support, while spot liquidity stayed minimal as a result of the DRC’s restriction of exports and, while feedstock availability remained restricted, the absence of restocking interest pressured cobalt sulphate pricing as the quarter progressed. Consequently, Benchmark’s CIF Asia cobalt hydroxide index closed the period virtually flat compared to its opening price.