The Democratic Republic of Congo extends cobalt export ban for three months to curb supply.

According to regulatory authorities, the Democratic Republic of Congo will extend the temporary ban on cobalt exports for three months, continuing its efforts to curb oversupply in the international market. Cobalt produced in the Congo accounts for about three quarters of cobalt used in electric car batteries. The country had implemented a four-month export ban starting from February 22. In recent years, with increased production at two large mines by China's Luoyang Molybdenum Group in this Central African country, the oversupply of cobalt has led to a sharp drop in prices. The Congo Strategic Mineral Market Regulatory Authority stated in the declaration that the extension of the export ban was "due to continued high market inventories". The document was dated on Saturday and signed by the chairman of the regulatory authority, Patrick Lua Beia. According to Fastmarkets data, shortly before the ban initially took effect, the benchmark price of cobalt fell below $10 per pound - the lowest level in 21 years, except for a brief decline at the end of 2015. Since then, prices have risen nearly 60%, and the price of the Congo's main export product, cobalt hydroxide, has doubled. The Congo is also considering long-term solutions for its cobalt resources, including possible export quotas to support prices and promote domestic processing. ARECOMS stated in their Saturday declaration that they will announce new decisions before the expiration of the ban, which may involve "modifying, extending, or terminating this temporary ban."