Congo’s Cobalt Export Shock Spurs Rally and Doubts Over Supply

Cobalt prices have extended gains to a three-year high, as export curbs in the world’s top producing country threaten to create a shortage of the battery material and erode confidence in its ability to meet demand.

The ban on shipments by the Democratic Republic of the Congo has roiled supply chains since it was imposed in February, while the quota system that will replace it from Thursday could push the market into deficit as soon as next year. Since the plan was unveiled last month, prices of both the hydroxide and the refined metal have jumped over 20%.