Supply strains keep prices steady: Cobalt Q1 2026 Price Review

Cobalt prices throughout the first quarter traded within a relatively tight range, yet with a distinctly bullish undertone supported by feedstock tightness rather than any notable real demand recovery. Supply delays from the DRC, limited spot availability and high input costs supported elevated cobalt sulphate, hydroxide and metal prices, even as buying interest remained cautious across much of the battery supply chain; Benchmark’s CIF Asia cobalt hydroxide price ended the quarter ~3% above its starting point on 7 January 2026.

In January, cobalt prices strengthened on expectations of tighter feedstock availability, alongside restocking by pCAM producers ahead of CNY following earlier inventory drawdowns. Delays to DRC exports, and expectations that new cargoes would not reach China until late Q1, reinforced expectations for sustained hydroxide tightness.

In February, spot activity weakened further as the CNY period constrained trading across the Chinese cobalt market, with many Chinese operations offline and logistics disrupted. However, there was little sign of notable price weakness as market remained anchored by continued global tightness in hydroxide and restricted upstream availability.

In March, the market remained subdued, though upstream tightness continued to provide support. Cobalt sulphate prices softened modestly as some traders offered discounted units and pCAM producers worked through elevated pre-holiday inventories. However, the continued absence of DRC exports kept hydroxide availability tight, whilst concerns surrounding sulphur supply for Indonesian HPAL production kept feedstock sentiment tight.

That combination left cobalt broadly steady throughout Q1, with prices supported less by robust demand than by the market’s limited slack for further supply disruption.

This is the third in a series of articles looking at Q1 2026 critical mineral price trends. The rest of the series can be found below:

Volatile, yet robust: Lithium Q1 2026 Price Review

Production quotas control nickel price: Nickel Q1 2026 Price Review