According to Benchmark Mineral Intelligence, the price of cobalt hydroxide delivered in Asia stood at 17.25 dollars per pound in the third quarter, or about 38,030 dollars per tonne. Cobalt sulphate also lost nearly 30% in China.
CONGOLESE VOLUMES ON THE RISE
This correction comes as Congolese exports have increased. Chinese imports of cobalt hydroxide from the DRC are reported to have exceeded 10,000 tonnes in June, compared with about 2,000 tonnes in May.
The data show this acceleration: 17,054 tonnes of contained cobalt were exported in the first quarter, then 24,086 tonnes in the second, or 41,140 tonnes in the first half.
This catch-up is linked to the disruptions caused by the new quota regime. After the export embargo, Kinshasa had introduced a cap system in 2025.
For 2026 and 2027, the annual quota is set at 96,600 tonnes, including 87,000 tonnes for producers and 9,600 tonnes of strategic quota under the responsibility of ARECOMS.
A DELICATE BALANCE
The price slump nevertheless reveals the limits of regulation based solely on annual volumes. A simultaneous influx of shipments into a sluggish market can quickly increase pressure on prices.
In August, producers and traders were reluctant to sell below 20 dollars per pound, while Chinese buyers, already supplied, limited their offers.
For the DRC, the challenge now is to balance export volumes, public revenue and market stability. Too abundant a supply could prolong downward pressure.
The fourth quarter will be particularly closely watched. The pace of exports, the use of quotas and Chinese demand will make it possible to measure the effectiveness of the mechanism. For Kinshasa, the issue is to preserve the value of cobalt without worsening the fall in prices.
Héritier Maila / Mines.cd
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