Cobalt prices have experienced considerable downward pressure over recent years primarily due to a substantial global oversupply, aggressive production scaling at mega-mines in the Democratic Republic of Congo, and shifting chemical formulations in the lithium-ion battery sector. Many electric vehicle manufacturers successfully engineered battery chemistries that reduce or completely omit cobalt, curbing projected demand growth from the automotive industry. Simultaneously, export volumes from major producers surged faster than immediate consumption rates, creating bloated warehouse inventories across international markets. This fundamental imbalance between robust supply expansion and tempered demand growth drove market prices down from previous cyclical peaks.