Core Points - The cobalt export ban in the Democratic Republic of Congo (DRC) will end on October 16, with new regulations implemented for annual export quotas starting from that date [1][2] - The DRC is the largest cobalt producer globally, accounting for 75.86% of the world's production in 2024 [2] Export Quota Management - The annual export quota for cobalt will be set based on the export performance of companies in 2022, 2023, and 2024, with a total export limit of 18,125 tons for the remainder of 2025 [1] - In 2026, the maximum export volume will be 96,600 tons, which includes a base quota of 87,000 tons and a strategic quota of 9,600 tons [1] - The export quotas for 2027 will remain the same as those for 2026 [1] Major Companies and Their Quotas - Luoyang Molybdenum Co. will receive a cobalt export quota of 6,500 tons in Q4 2025 and 31,200 tons in 2026, which is more than one-third of the DRC's 2026 base quota [1] - Despite this, the quotas are significantly lower than the company's production capacity, which is projected at 114,165 tons in 2024 [1] - Glencore will receive a cobalt export quota of 3,925 tons in Q4 2025 [2] Impact on Cobalt Prices - The export ban has led to a significant increase in cobalt prices, with the latest price for electrolytic cobalt in China reaching 349,500 yuan per ton, doubling since the beginning of the year [2] - The new export regulations are expected to have a major impact on the supply-demand dynamics of cobalt, likely pushing prices above 400,000 yuan per ton, which would positively affect company performance [2]

刚果（金）是全球最大的钴生产国，2024年产量占全球的75.86%。出口禁令自今年2月底开启，至今已 持续近8个月。 刚果（金）为期8个月的钴出口禁令将于10月16日划上句号。该国战略矿产市场监管局（ARECOMS） 10月12日公布新规，将自16日起实施年度出口配额管理，2025年剩余时间的出口上限为18125吨。 文件显示，钴出口配额是依照2024年、2023年、2022年各企业的出口情况确定，按照比例计算。在此前 的一份文件中，ARECOMS表示，2025年10月16日至2025年12月31日，刚果（金）出口至外部市场的钴 最大总量为18125吨。2026年，出口至外部市场的钴最大总量为96600吨，包括87000吨的"基础配额"和 9600吨的"战略配额"。2027年出口配额将与2026年相同。 据悉，全球最大钴生产商洛阳钼业将在2025年四季度获得6500吨钴出口配额，在2026年获得31200吨的 钴出口配额，超过刚果（金）2026年基础配额的三分之一。即便如此，洛阳钼业所获配额仍与其年产量 有着较大差距。2024年公司钴生产量为114165吨，该企业2026年钴出口配额不到2024年钴产量的三成 ...