# Cobalt: Criticality

Why Finland and Belgium soften Europe's cobalt risk

Source page: https://www.materialinsights.org/commodities/cobalt/criticality/

Why Finland and Belgium soften Europe's cobalt risk What this tab covers How exposed economies are to a supply disruption: the EU, US and India listings, the concentration score, and a quantified exposure for the US, EU, India, China, Japan, Latin America, the Middle East and Australia. Where the EU scored it, a chart of supply risk against economic importance, with import reliance, recycling input and substitutes.

#### Exposure by region

| Region | Exposure | Share of world output | Share of world imports | Share of world exports | Net trade (US$) | On own critical list | Position |
|---|---|---|---|---|---|---|---|
| **US** | High | 0.1% | 7.4% | 18.8% | +$29.1 m | Yes | Mined only 300 t in 2025 (Eagle Mine nickel concentrate, exported), 79% net import reliance, scrap supplied 25% of use, and a planned 7,480 t stockpile purchase was cancelled in 2025 (USGS 2026). |
| **EU** | High | 0.4% | 12.3% | 20.1% | −$198.3 m | Yes | Critical and strategic with supply risk 2.8 and 22% end-of-life recycling input (EU CRM 2023); Finland refined 6.6% of world cobalt in 2025 (Cobalt Institute). |
| **India** | Low | 0.0% | 1.6% | 0.8% | −$65.2 m | Yes | No mine or primary refinery, on India's 2023 critical list; controls on black mass exports aim to keep cobalt for domestic refining (Cobalt Institute 2025). |
| **China** | High | 0.7% | 61.4% | 12.0% | −$2.95 bn | Yes | Mined only about 2,000 t but refined 78.6% of world cobalt in 2025 and took 61.4% of world HS 8105 imports by value in 2024 (USGS; Cobalt Institute; UN Comtrade). |
| **Japan** | Low | 0.0% | 3.3% | 4.3% | −$75.1 m | Yes | Refined 1.7% of world cobalt in 2025 and took 3.3% of HS 8105 imports by value in 2024 (Cobalt Institute; UN Comtrade). |
| **Latin America** | Low | 1.3% | 0.9% | 0.5% | −$35.4 m | no list | Cuba mined about 2,000 t in 2025 from nickel laterites and holds 500 kt of reserves (USGS). |
| **Middle East** | Low | 0.0% | 0.1% | 0.0% | −$3.96 m | no list | Turkey mined about 1,900 t in 2025 (USGS); the Gulf has no cobalt output. |
| **Australia** | Low | 1.8% | 0.3% | 3.2% | +$57.6 m | Yes | Mined 3,700 t in 2025 with reserves of 1.7 Mt (JORC 680 kt) and refined about 1% of world output (USGS; Cobalt Institute). |

 Exposure rating: **High** when the region is a net importer whose import share is at least three times its share of world output (or, for farm goods, it produces under 70% of what it consumes); **Medium** for other net importers (or 70-95% self-sufficiency), raised to High when world supply is highly concentrated in another country; **Low** for net exporters or self-sufficient regions. Net importer status uses tonnage where reported, otherwise value. Output: World Mining Data, 2024. Trade: UN Comtrade 2024 (EU = sum of member states, including intra-EU trade). Critical lists: US 2025, EU 2024/1252, India 2023, China 2016 strategic minerals, Japan METI, Australia 2024.

Cobalt is critical and strategic for the EU, and on the US 2025 and India 2023 lists. The EU scores supply risk at 2.8 and economic importance at 6.8. EU import reliance is 81% for ore but only 1% for refined forms, thanks to refining in Finland and Belgium. The risks are by-product supply, one-country mining, Chinese refining and ownership, and child labour. Substitution is the main release. Cobalt-free lithium iron phosphate batteries hold a large share in China, and Conway notes good batteries no longer need cobalt.
 EU 2023 Critical also a strategic raw material US 2025 list Yes India 2023 list Yes Production HHI 5,706 highly concentrated

#### EU 2023 assessment

Chart: EU 2023 criticality: supply risk against economic importance
 Each dot is a material assessed by the EU in 2023. The shaded corner is the critical zone (supply risk ≥ 1.0, economic importance ≥ 2.8). Cobalt: supply risk 2.8, economic importance 6.8. EU import reliance, extraction 81% EU import reliance, processing 1% EU recycling input rate 22% US net import reliance, 2025 79% share of apparent consumption

#### Substitutes

Iron-phosphate (LFP) batteries instead of cobalt-containing lithium-ion cells; nickel-base alloys or ceramics in jet engines; ferrites or NdFeB in magnets; various alternatives in carbides, paints and catalysts, often at a performance cost

## Other sections

- [Summary](https://www.materialinsights.org/commodities/cobalt/index.md)
- [Overview](https://www.materialinsights.org/commodities/cobalt/overview/index.md)
- [Correlation](https://www.materialinsights.org/commodities/cobalt/correlation/index.md)
- [Extraction](https://www.materialinsights.org/commodities/cobalt/extraction/index.md)
- [Production](https://www.materialinsights.org/commodities/cobalt/production/index.md)
- [Stocks](https://www.materialinsights.org/commodities/cobalt/stocks/index.md)
- [Cycles](https://www.materialinsights.org/commodities/cobalt/cycles/index.md)
- [Trading](https://www.materialinsights.org/commodities/cobalt/trading/index.md)
- [Movement](https://www.materialinsights.org/commodities/cobalt/movement/index.md)
- [Characteristics](https://www.materialinsights.org/commodities/cobalt/characteristics/index.md)
- [Emissions](https://www.materialinsights.org/commodities/cobalt/emissions/index.md)
- [Relationships](https://www.materialinsights.org/commodities/cobalt/links/index.md)