KINSHASA, April 30 – Glencore expects cobalt exports from the Democratic Republic of Congo to gradually normalize in 2026 as the country’s quota system stabilizes supply following a period of sharp market disruption.
The Congolese government suspended cobalt exports in early 2025 after prices fell to nine-year lows, before introducing export quotas in October to better manage supply and support prices.
Since then, cobalt prices have surged by around 160% to about $26 per pound, driven largely by supply shortages resulting from the restrictions.
Glencore said its total export quota for 2026, including carryover from 2025, stands at 22,800 tons. However, production has declined, with the company producing 5,800 tons in the first quarter of 2026, down 39% year-on-year.
The quota system, which is expected to remain in place until at least the end of 2027, has forced producers to adjust operations. Cobalt output exceeding allocated quotas is currently being stored within the country and will be sold when permitted.
To manage costs, Glencore is also delaying final processing of cobalt while export limits constrain sales. Its key operations, including Kamoto Copper Company and Mutanda, hold sufficient inventories to meet near-term export allocations.
The company added that the Congolese government extended the validity of 2025 export quotas until April 2026 to allow time for implementing new export procedures. Most of Glencore’s 2025 quota was shipped in the first quarter, with remaining volumes exported in April.
Unused quotas from the first quarter of 2026 will remain valid until the end of June, providing some flexibility as the market adjusts to the new system.
