Why did cobalt carbonate prices rise by 10,000 yuan per ton amid lithium battery material gains?

Why did cobalt carbonate prices rise by 10,000 yuan per ton amid lithium battery material gains?
The latest price uptick for cobalt carbonate reflects deepening supply chain stress tied to the Democratic Republic of Congo, which supplies about 75% of global cobalt. Rebel activity and a four-month export suspension pushed cobalt prices up over 27% in a single month. This geopolitical shock is compounding structural demand shifts. While ternary battery makers have aggressively cut cobalt loadings — from 33% in NCM111 to under 3% in Tesla's 4680 cells — absolute cobalt demand still grows with EV penetration, projected to rise from 35% of global car sales in 2024 to 58% by 2030. We estimate power battery cobalt demand at 125,000 tonnes in 2025, climbing to 160,000-180,000 tonnes by 2030. Supply remains tight until at least 2030, assuming Kinshasa maintains export controls.