One metal collapsed because of China

In September 2026, global cobalt prices fell 24 percent due to lower demand in China. RIA Novosti reports this with reference to data from the consulting company Kept.

According to analysts, the cost of the metal fell by 24 percent, to 42.3 thousand dollars per ton. As a result, cobalt posted the steepest decline among industry commodities.

The reason for this price decline was falling demand from Chinese battery manufacturers. Local manufacturers are increasingly replacing cobalt batteries with lithium iron phosphate ones.

Another reason for the price decline was the development of processing and the replacement of cobalt with alternative materials. At the same time, DR Congo’s export quotas have not yet been fully selected, and increased supplies may further increase supply on the world market.