Cobalt is found in the Earth’s crust only in chemically combined form which similar like Nickel, Its simple substance, generally produced by reductive smelting, is a hard, lustrous, and silver-gray metal. Application sectors of Cobalt include superalloy, carbide, permanent magnet, and lithium-ion battery. As a ferromagnetism metal, applications of Cobalt in permanent magnetic material areas are mainly focussed on the earliest commercially available AlNiCo magnets, Samarium Cobalt SmCo magnets, and Neodymium magnets. Most of AlNiCo magnets utilize recycled Cobalt and thus have limited demand for primary Cobalt. SmCo magnets have relatively huge demand on primary Cobalt, then a small part of Neodymium magnet adopts Cobalt to strengthen magnetic performance. Therefore, Co price has significantly influence on the cost of AlNiCo magnets and SmCo magnets.