Data Dashboard: Global Cobalt Trade Flows

Silverado’s latest dashboard examines the market impact of the DRC’s 2025 cobalt export ban and subsequent quota system in 2025.

As the source of most of the world’s mined cobalt, the DRC’s decision to suspend cobalt exports in February 2025 — later replacing the ban with export quotas through 2027 — sent major shockwaves through global cobalt trade flows. The measures are already tightening supply chains, driving price increases, and reshaping global cobalt trade flows with implications for downstream manufacturers.

Key takeaways from Silverado’s cobalt dashboard:

• DRC exports dropped significantly after the export ban and quota took effect: Global exports of mined and refined cobalt products declined steeply in 2025, with DRC export volumes falling by over 95 percent from January 2025 (the last month prior to the export ban) to December 2025.
• Cobalt prices more than doubled as trade volumes tightened: Global cobalt prices increased from $21,700 per metric ton in February 2025 to $51,900 per metric ton in December 2025.
• Indonesia increased exports to China, but not enough to fully offset the DRC decline: Indonesia’s exports of refined cobalt products more than tripled from 2024 to 2025, with exports of certain upstream and downstream products also rising.