I think the Chinese cobalt importers had too much for battery production so turned the excess into export cobalt metal product for aircraft bits and pieces and the industrial type things, ........ so over supply caused demand to dropped off and price drops off also.
The Chinese get the cobalt from the DRC (with all the troubles) and Glencore in the DRC.
I am of the opinion rechargeable battery demand is nearly here to take up that over-supply.
Also India are entering the demand side of the equation. Imagine the sleeping giant India taking on the Chinese for Cobalt, and Donald Trump's America first vision. It is all happening.
Ann: High Grade Cobalt in Shallow Drilling at Norseman, page-14
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