The Democratic Republic of Congo (DRC) is considering extending its four-month cobalt export ban, introduced in February to address a global supply glut and stabilize prices, government spokesperson Patrick Muyaya said Friday. The ban, which has already driven cobalt prices up by over 50%, could be prolonged or replaced with new measures to maintain market stability.
Key Developments:
Export Ban: Congo halted cobalt exports in February to curb oversupply and support prices.
Price Recovery: Cobalt prices have surged by more than 50% since the ban took effect.
Future Measures: The government will evaluate the ban’s impact after four months and may extend it or introduce quotas and partnerships with Indonesia to manage supply.
Strategic Goals:
Congo aims to strengthen its control over cobalt pricing and supply, leveraging its position as the world’s top producer.
The country is exploring partnerships with Indonesia, another major cobalt producer, to coordinate market strategies.