Cobalt price at lowest since 2016 amid record production

Staff Writer | January 27, 2025 | 1:05 am Battery Metals Markets Africa China Cobalt

Image courtesy of CMOC Group.

Cobalt prices have plummeted to their lowest level since 2016, as record-high production continues to weigh on the battery material’s value.

China’s CMOC Group, the world’s largest cobalt miner, set a new production record last year and plans to maintain similar output levels through 2025, driven by ramped-up operations at two African mines.

The company recently provided a 2025 output guidance of 100,000-120,000 tonnes on its WeChat account, after producing 114,165 tonnes in 2024. Notably, CMOC surpassed its 2024 full-year production forecast within the first nine months of the year.

As of January 23, 2025, spot cobalt was trading at $11.02 per pound.

Cobalt is often extracted as a byproduct from digging up copper, which CMOC is bullish on over the longer term. For the red metal, the company is targeting production of between 600,000-660,000 tonnes in 2025, compared with 650,000 tonnes last year.

(With files from Bloomberg)