Cobalt Prices Surge as DRC Extends Export Ban to September

Cobalt rises on extended DRC export ban - Australian Resources & Investment

Image: Minakryn Ruslan/stock.adobe.comThe Democratic Republic of Congo (DRC) has extended its cobalt export ban by three months as the country attempts to stabilise the market. Following the June 21 announcement, cobalt prices on China’s Wuxi exchange surged 10 per cent, with Benchmark  Mineral Intelligence (BMI) reporting offers for cobalt hydroxide exceeding $US12 per pound on June 23. Benchmark had assessed prices at $US11.15 per pound just d…

Cobalt Prices Surge as DRC Extends Export Ban to September

Cobalt prices are surging after the Democratic Republic of Congo (DRC), the world’s largest producer, extended its export ban by three months in a bid to address global oversupply and stabilize plunging prices.According to the Financial Times, cobalt prices on China’s Wuxi Stainless Steel Exchange rose nearly 10 percent after the DRC government announced the news over the weekend. The ban — originally set to expire on Monday (June 23) — will now…