Supply Chain: Upstream and Midstream

DRCʼs Export Ban and Policy Announcements Impacting Global Cobalt Supply Chains The export ban triggered sharp increases in prices increases across the cobalt market, with key battery chemicals (sulphate and tetroxide) reaching multi-year highs by late 2025, while spot cobalt hydroxide traded at par with, or at a premium to, cobalt metal. Ongoing depletion of hydroxide inventories outside the DRC have constrained available feed causing Chinese refineries to reduce operating rates. While, increase their reliance on alternative feedstocks, including MHP, scrap, and cathode material.

Source: Project Blue

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