Developed by Benchmark Mineral Intelligence, the report shows the latest trends and insights shaping the cobalt market – and highlights cobalt’s growing role in the green energy transition. Key insights include: - Demand growth: EVs and portable electronics drove an 8% year-on-year rise in cobalt demand. Battery demand grew 8% overall, while superalloys saw steady growth, now accounting for 34% of industrial demand. - Record supply: Global cobalt supply reached an all-time high of 256kt, with significant contributions from CMOC’s African operations. The DRC continues to lead global production (76% of supply), with Indonesia expanding rapidly in nickel-cobalt. - Geopolitical tensions: The DRC-Zambia Copperbelt has become a key focus for US-China competition, with major railway investments aiming to secure access to critical minerals.