DRC's Cobalt Export Ban Extension Sends Energy Metal Prices Soaring

Key Points

The Democratic Republic of Congo (DRC) extended its cobalt export ban for another three months, triggering significant gains in the A-share energy metals sector, with Tengyuan Cobalt (腾远钴业) surging by 15.42%.
The DRC holds a dominant position in the global cobalt market, accounting for 55% of global reserves and producing a staggering 76% of the world’s cobalt in 2024.
China is highly dependent on DRC cobalt, with over 98% (620,000 of 629,000 metric tons in 2024) of its cobalt wet-process intermediate imports originating from the DRC.
Analysts predict the ban could lead to a 128,000 metric ton reduction in DRC’s 2025 cobalt exports, flipping the global market from a surplus to a significant 78,000 metric ton deficit, potentially causing a “second wave” of price increases.


Company	Stock Code	Gain (%)
Tengyuan Cobalt (腾远钴业)	301298.SZ	15.42
Hanrui Cobalt (寒锐钴业)	300612.SZ	7.25
CMOC Group Limited (华友钴业)	603799.SH	5.80
Tianhua New Energy (天华新能)	300390.SZ	4.10
Tianqi Lithium (天齐锂业)	002466.SZ	3.50
Ganfeng Lithium (赣锋锂业)	002460.SZ	2.80

Here’s the deal: The Democratic Republic of Congo (DRC) just extended its cobalt export ban, and the global markets are feeling the heat.

This single move is sending shockwaves through the supply chain for everything from EVs to smartphones.

Let’s break down what’s happening and what it means for investors, tech companies, and the future of energy metals.

What Just Happened? A Surge in Energy Metal Stocks

On June 23, 2025, the A-share energy metals sector, which includes critical materials like lithium, cobalt, and nickel, saw some serious green on the board.

The cobalt sub-sector, in particular, had a massive day.

Here’s a look at the key players who saw significant gains:

Tengyuan Cobalt (Tengyuan Guye 腾远钴业): Surged by an impressive 15.42%.
Hanrui Cobalt (Hanrui Guye 寒锐钴业): Also saw a major jump.
CMOC Group Limited (Huayou Guye 华友钴业): Rallied alongside its peers.
Tianhua New Energy (Tianhua Xin Neng 天华新能): Gained significant ground.
Tianqi Lithium (Tianqi Liye 天齐锂业): Part of the wider energy metals rally.
Ganfeng Lithium (Ganfeng Liye 赣锋锂业): Another lithium giant that benefited.

The trigger for this market frenzy? A report from Securities Times (Zhengquan Shibao 证券时报) confirmed the news.

The Congolese Strategic Minerals Market Regulatory Authority (Gangguo (Jin) Zhanlüe Kuangchan Shichang Jianguan Kongzhi Ju 刚果（金）战略矿产市场监管控制局) issued an announcement extending its temporary, blanket ban on cobalt exports for another three months, starting June 21. This isn’t just for one type of cobalt—it applies to all forms of mining exports.

Resume Captain

Your AI Career Toolkit:

AI Resume Optimization
Custom Cover Letters
LinkedIn Profile Boost
Interview Question Prep
Salary Negotiation Agent

Get Started Free

The DRC’s Stranglehold on Global Cobalt Supply

To understand why this move matters so much, you need to understand the DRC’s role in the cobalt world.

Simply put, the DRC *is* the global cobalt market.

Data from Minsheng Securities (Minsheng Zhengquan 民生证券) and the U.S. Geological Survey (USGS) paints a clear picture of its dominance in 2024:

World’s #1 Cobalt Resource: The DRC’s cobalt reserves hit 6 million metric tons, which is 55% of all known global reserves.

World’s #1 Cobalt Producer: The country produced 220,000 metric tons of cobalt, accounting for a staggering 76% of the entire world’s production.

DRC’s Global Cobalt Dominance (2024 Estimates)

Global Reserves: 6 million metric tons (55% of total)
Annual Production: 220,000 metric tons (76% of global total)

When a single country has this level of control over a critical resource, any policy change, especially an export ban, has massive ripple effects across the globe.

China’s Critical Dependence on Congolese Cobalt

The biggest downstream player affected by this is China, the world’s manufacturing hub for batteries and electronics.

China is the primary consumer of global cobalt raw materials, and its supply chain is almost entirely dependent on the DRC.

Just how dependent? According to Minsheng Securities (Minsheng Zhengquan 民生证券), of the 629,000 metric tons of cobalt wet-process intermediate products China imported in 2024, a whopping 620,000 metric tons came directly from the DRC.

That’s not a typo. Over 98% of China’s key cobalt imports originate from one country. This highlights a massive vulnerability in the global tech and EV supply chain.

Market Forecast: Get Ready for a Cobalt Deficit and Price Hikes

So, what does this extended ban mean for the near future?

Analysts at CITIC Securities (Zhongxin Zhengquan 中信证券) have run the numbers, and their outlook is a game-changer.

Their projections suggest:

Supply Hit: The ban could slash the DRC’s cobalt exports by 128,000 metric tons in 2025.

Market Flip: This supply shock is expected to flip the global cobalt market from a previously expected surplus into a significant deficit of 78,000 metric tons in 2025.

Price Impact: This sharp shift from surplus to deficit could ignite a “second wave” of price increases for cobalt.


Factor	Projection (Metric Tons)	Implication
DRC Export Reduction	-128,000	Significant supply shock due to extended ban
Global Market Net Change	-78,000	Shift from surplus to deficit
Price Outlook	“Second wave” of increases	Expected price hikes due to supply-demand imbalance

For anyone in the battery, EV, or consumer electronics space, this is a major red flag for input costs.

For commodity traders and investors in energy metals, however, this could signal a significant buying opportunity.

The key takeaway is clear: the DRC’s cobalt export ban is a reminder of how fragile global supply chains are, and how geopolitical decisions in one nation can dictate market dynamics worldwide.