of the critical metal, which is heavily used in lithium-ion batteries The Democratic Republic of Congo's four-month suspension of cobalt exports has driven up prices of the critical metal, which is heavily used in lithium-ion batteries—the backbone of the renewable energy industry.
New Fastmarkets data shows that a pound of cobalt hydroxide—the main product exported from the DRC, the world's top producer—has surged 84% since the DRC suspended exports last month to counter a market glut that had pressured prices to multi-year lows. Prices reached $10.50 per pound on Tuesday, the highest level since July 2023. The price of cobalt metal has also soared 43%
Poster Comment:
The issues are child labor and health. The DRC will need to resume exports at higher prices.