出口禁令再延长三个月，全球最大钴出口国意扭转价格颓势

Group 1 - The Democratic Republic of Congo (DRC) has extended the temporary ban on cobalt exports for an additional three months to alleviate high inventory pressures and prepare for future market regulation and policy updates [1] - DRC holds over 50% of global cobalt reserves and accounts for more than 70% of global production, with a significant increase in cobalt output in 2024, primarily driven by Luoyang Molybdenum's unexpected production levels [1] - According to Guosen Securities, the consumption of cobalt in the electric vehicle sector reached approximately 95,000 tons in 2024, a 21% increase year-on-year, representing about 43% of total cobalt consumption [1] Group 2 - The ban on cobalt raw material exports for seven months is expected to impact global cobalt supply by over 100,000 metal tons, potentially leading to a domestic cobalt supply shortage [2] - Domestic cobalt prices are projected to rise above 250,000 yuan per ton as a result of the supply constraints [2] Group 3 - Tengyuan Cobalt Industry is expanding its copper and cobalt production capacity simultaneously [3] - Huayou Cobalt reported a cobalt product shipment volume of approximately 46,800 metal tons last year [4]