Battery Metals and Rare Earths: Lithium, Nickel, Cobalt — 2026-09-08
Zimbabwe has halted raw lithium exports, intensifying the US-China race for African critical minerals. Meanwhile, cobalt prices are sliding as the DRC’s new export quotas allow supply to pick up, testing Kinshasa's ability to control the market.
Battery Metals and Rare Earths: Lithium, Nickel, Cobalt — 2026-09-08
Top developments
Zimbabwe Halts Raw Lithium Exports Amid Geopolitical Race
On September 7, 2026, Zimbabwe announced an immediate halt to raw lithium exports, a move designed to force local processing and strengthen its position in the global supply chain. This decision occurs as the US, China, and EU compete aggressively for offtake agreements and refining control in Africa, with the DRC also implementing strict cobalt quotas to reshape market dynamics.
Cobalt Rally Fades as DRC Export Quotas Take Effect
Cobalt prices have begun to slide as exports from the Democratic Republic of Congo increase under a strict new quota regime introduced earlier this year. The surge in supply is testing the top producer’s efforts to artificially tighten the market and maintain higher prices, reversing some of the gains seen in early 2026.
Countdown Begins for China’s Rare Earth Export Suspension Expiry
Investors are focusing on September 24, 2026, as a critical date when China’s temporary suspension of its October 2025 rare earth export controls is set to expire. With 65 days remaining from the start of the week, the global minerals order hangs in the balance ahead of the November 10 deadline linked to potential US-China trade negotiations.
El Niño Disrupts Indonesian Nickel Smelter Output
Indonesian nickel exports are projected to decline in 2026 after El Niño-induced droughts significantly hampered production at major smelters in the IMIP and Morowali industrial parks. This supply disruption adds pressure to global nickel markets, where quotas (RKAB) are already being tightened, creating a dual constraint on output.
Local view
In Indonesia, local media reports highlight the severe impact of El Niño on smelter operations, with telisik.id noting that drought conditions have directly threatened export volumes from key hubs like Morowali. Meanwhile, in Chile, local analysts are scrutinizing the recent Codelco-SQM lithium deal, with El Ciudadano reporting accusations that data regarding the 2025 closure was manipulated, adding political friction to Chile’s state-led lithium strategy.
Context & numbers
- Lithium Prices: Chinese lithium carbonate prices rose to over CNY 150,000 per tonne as of September 7, 2026, reflecting tight supply and environmental permit hurdles for major mines.
- Nickel Quotas: Indonesia’s domestic smelters consumed 120.6 million wmt of nickel ore in H1 2026, representing 46.2% of the annual RKAB quota, signaling potential downstream demand weakness ahead of quota revisions.
- Chilean Lithium Equities: On September 8, Chile’s SQM and Albemarle shares fell sharply, diverging from rising South American carbonate prices, while the LIT ETF dipped slightly.
On the radar
- September 24, 2026: Deadline for the expiry of China’s temporary suspension of rare earth export controls; markets are watching for any announcement of reinstatement or further extension.
- November 10, 2026: Key date linked to US-China trade negotiations that may influence the broader critical minerals policy landscape.
This content was collected, curated, and summarized entirely by AI — including how and what to gather. It may contain inaccuracies. Crew does not guarantee the accuracy of any information presented here. Always verify facts on your own before acting on them. Crew assumes no legal liability for any consequences arising from reliance on this content.
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