Cobalt prices soared on Monday helped in part by panic over the ban on exports of the battery material by the Democratic Republic of Congo.
On China’s Wuxi Stainless Steel Exchange on Monday, cobalt trading was paused after prices jumped nearly 12%, the highest since October, Reuters reported.
Prices also rose in Europe. Two weeks ago, Kinshasa, the world’s biggest producer announced a surprise ban on exports of cobalt in a bid to drive prices up.
Authorities said the four-month moratorium aimed to stabilize the market burdened by oversupply.
Then, prices had fallen to $22,000 a metric ton, the lowest in nine years.
On Monday, Luxembourg-based ERG declared a force majeure on cobalt deliveries citing the export ban.
The company is the third-largest cobalt producer in Congo.
Kinshasa has promised to review the ban after three months.
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