Cobalt, a hard, lustrous, silver-grey transition metal, exists in the Earth’s crust only in combined forms, extracted as a pure substance through reductive smelting. In 2020, over 70% of Cobalt mining occurred in the Democratic Republic of Congo, while China led refined production, accounting for more than 69% in 2019, shaping global supply dynamics for this critical element.
In permanent magnets, Cobalt plays a minor role compared to its dominant use in batteries and specialty steel, with batteries consuming ~60% of global Cobalt demand in 2019 versus just 4% for magnets. AlNiCo magnets, the earliest commercial type, and Samarium Cobalt magnets rely on Cobalt, with contents of 0–42 wt% and 48–67 wt%, respectively. Most AlNiCo magnets use recycled Cobalt, limiting primary demand, unlike Samarium Cobalt magnets. The Cobalt price trend significantly drives the Cobalt price impact on AlNiCo and Samarium Cobalt magnet costs, with fluctuations shaping the Cobalt price influence.
