Cobalt prices have plummeted to their lowest levels this year, with standard-grade cobalt dropping to $10.00-11.85 per pound as of September 19, the lowest since January 2016. This decline is primarily due to persistent oversupply and weak demand, exacerbated by increased production from the Democratic Republic of Congo (DRC), particularly from CMOC, which reported a 178% year-on-year rise in output in early 2024. While demand for electric vehicle batteries is expected to grow, market participants remain skeptical about a short-term recovery due to the significant supply glut.