Investing.com -- Cobalt futures prices in China saw a significant increase of over 9% on Monday.

This surge was driven by China’s strategic acquisition of cobalt and ongoing discussions regarding an extension of the export ban from the Democratic Republic of Congo, the leading supplier of the battery material.

The prices on China’s Wuxi Stainless Steel Exchange have experienced a substantial increase of 55% since February. The National Food and Strategic Reserves Administration of China, which oversees official commodities stockpiles, has been making price inquiries and bidding for metals.

The metals in question include cobalt, copper , nickel, and lithium. This information was reported by Bloomberg News last Friday, but no details were provided about volumes or timing.

The Democratic Republic of Congo, the world’s top cobalt producer, could extend its export ban on cobalt, which was introduced in February.

The ban followed a significant decrease in the price of the metal. According to government spokesperson Patrick Muyaya, the ban was put in place to address a global supply glut and stabilize the market.

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