Salient Cobalt Statistics

This table presents key quantitative data on cobalt production, consumption, trade, stocks, and pricing, both within the United States and globally, spanning from 2019 through 2023. Such information is critical for understanding the supply-demand dynamics of cobalt, a metal essential to numerous high-technology applications including rechargeable batteries, aerospace components, and catalysts. Tracking these statistics helps stakeholders anticipate market trends, assess resource availability, and make informed decisions related to industrial planning, trade policies, and strategic stockpiling.

Analysis of the data reveals that U.S. mine production remained steady at 500 metric tons in both 2022 and 2023, a decline from a peak of 650 metric tons in 2021. Meanwhile, estimated U.S. consumption increased from 7,570 metric tons in 2022 to 7,840 metric tons in 2023, indicating growing domestic demand despite stable production. Imports for consumption decreased from 10,500 metric tons in 2022 to 9,500 metric tons in 2023, while exports slightly declined from 5,360 to 5,110 metric tons over the same period. On the global stage, mine production surged significantly from 198,000 metric tons in 2022 to 238,000 metric tons in 2023, marking a robust increase that contrasts with the more modest growth in refinery output, which rose from 161,000 to 180,000 metric tons. Notably, cobalt prices experienced a sharp decline in 2023 after peaking in 2022; the U.S. spot price dropped from $30.78 per pound to $17.20, and the London Metal Exchange cash price fell from $28.83 to $15.48 per pound. These shifts reflect evolving market conditions, including supply expansions and changing demand patterns.