Asia: Cobalt Market 2022

Cobalt Market Size in Asia

The Asian cobalt market soared to $X in 2021, with an increase of 49% against the previous year. Over the period under review, consumption recorded strong growth. Over the period under review, the market reached the maximum level in 2021 and is expected to retain growth in years to come.

Cobalt Production in Asia

In value terms, cobalt production shrank to $X in 2021 estimated in export price. The total production indicated prominent growth from 2012 to 2021: its value increased at an average annual rate of +5.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +14.2% against 2019 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by 45%. The level of production peaked at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Cobalt Exports

Exports in Asia

In 2021, exports of cobalt in Asia surged to X tons, increasing by 40% compared with 2020 figures. In general, exports posted a buoyant increase. The most prominent rate of growth was recorded in 2017 when exports increased by 104%. The volume of export peaked in 2021 and is likely to see gradual growth in the immediate term.

In value terms, cobalt exports amounted to $X in 2021. Over the period under review, exports continue to indicate strong growth. The most prominent rate of growth was recorded in 2017 with an increase of 176%. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

In 2021, Malaysia (X tons), distantly followed by Turkey (X tons), Japan (X tons), China (X tons) and Singapore (X tons) were the largest exporters of cobalt, together creating 93% of total exports. South Korea (X tons) took a minor share of total exports.

From 2012 to 2021, the biggest increases were in Turkey (with a CAGR of +109.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest cobalt supplying countries in Asia were China ($X), Japan ($X) and Malaysia ($X), with a combined 78% share of total exports. These countries were followed by Turkey, Singapore and South Korea, which together accounted for a further 16%.

Among the main exporting countries, Turkey, with a CAGR of +75.3%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the export price in Asia amounted to $X per ton, waning by -19.3% against the previous year. Over the period under review, the export price recorded a pronounced descent. The most prominent rate of growth was recorded in 2017 when the export price increased by 36%. Over the period under review, the export prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was China ($X per ton), while Turkey ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+4.3%), while the other leaders experienced more modest paces of growth.

Cobalt Imports

Imports in Asia

In 2021, cobalt imports in Asia rose notably to X tons, increasing by 6.4% against 2020. Over the period under review, imports continue to indicate a strong expansion. The pace of growth appeared the most rapid in 2018 with an increase of 90%. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, cobalt imports skyrocketed to $X in 2021. In general, imports continue to indicate significant growth. The most prominent rate of growth was recorded in 2017 when imports increased by 128% against the previous year. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in the near future.

Imports by Country

China prevails in imports structure, reaching X tons, which was near 93% of total imports in 2021. The following importers - Japan (X tons), South Korea (X tons) and Malaysia (X tons) - each reached a 6.2% share of total imports.

From 2012 to 2021, average annual rates of growth with regard to cobalt imports into China stood at +16.0%. At the same time, Malaysia (+108.9%) and South Korea (+9.4%) displayed positive paces of growth. Moreover, Malaysia emerged as the fastest-growing importer imported in Asia, with a CAGR of +108.9% from 2012-2021. By contrast, Japan (-1.9%) illustrated a downward trend over the same period. While the share of China (+9.8 p.p.) and Malaysia (+1.7 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Japan (-7.6 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported cobalt in Asia, comprising 87% of total imports. The second position in the ranking was held by Japan ($X), with a 7.7% share of total imports. It was followed by South Korea, with a 2% share.

From 2012 to 2021, the average annual rate of growth in terms of value in China stood at +28.7%. The remaining importing countries recorded the following average annual rates of imports growth: Japan (+2.7% per year) and South Korea (+4.1% per year).

Import Prices by Country

In 2021, the import price in Asia amounted to $X per ton, growing by 77% against the previous year. Import price indicated a buoyant increase from 2012 to 2021: its price increased at an average annual rate of +5.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, cobalt import price increased by +96.4% against 2019 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of destination: the country with the highest price was Japan ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+10.9%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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