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Significant global growth in electric vehicles sales is driving an increase in demand for the metal cobalt.
It is an essential component in the rechargeable batteries needed for these cars. But lithium-iron batteries used in cell phones and laptops also consume a sizeable quantity of global stock.
The Cobalt Institute, which brings together manufacturers in the sector, says demand this year could increase by more than 10%.
It says that overall, global demand could reach as much as 227,000 tonnes, 11% more than last year. In comparison, 2024 saw an increase of 4% on the previous year.
The country holding the largest known reserve of the element is the Democratic Republic of Congo.
It accounts for nearly three-quarters of global cobalt mine production, but since February, the DRC has enacted a 4-month export suspension of the metal.
This was to address the global oversupply which had caused a significant drop in prices.
Kinshasa hoped its decision would stabilise the market and protect the interests of Congolese producers and investors.
While the suspension initially sent prices soaring, they have since stabilised.
At the end of December, global stocks were deemed sufficient to meet market demand for around four months, but not to cope with a much longer ban.
The DRC is expected to review the suspension later this month.
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