Cobalt deposits, in nature, can’t be found in its purified form. The supply chain remains concentrated in the Democratic Republic of the Congo (DRC), which accounts for around 60-70% of the total global reserves, and in China which has more than 80% control of the cobalt refining. The total cobalt supply for year 2022 is estimated to reach 196,000 Mt, up from 164,000 Mt in 2021 and 136,000 Mt in 2020. Also, as supply chain bottlenecks eases and as supply grows, the metal’s price is expected to stabilize this year.

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