Bulgaria: Cobalt Market 2022

Cobalt Market Size in Bulgaria

The Bulgarian cobalt market surged to $X in 2021, rising by 28% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption showed noticeable growth. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Cobalt Exports

Exports from Bulgaria

In 2019, overseas shipments of cobalt decreased by -3.6% to X kg, falling for the second consecutive year after six years of growth. Overall, total exports indicated noticeable growth from 2012 to 2019: its volume increased at an average annual rate of +4.7% over the last seven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, exports decreased by -30.5% against 2017 indices. The most prominent rate of growth was recorded in 2017 with an increase of 58%. As a result, the exports reached the peak of X kg. From 2018 to 2019, the growth of the exports failed to regain momentum.

In value terms, cobalt exports rose remarkably to $X in 2019. In general, total exports indicated a noticeable increase from 2012 to 2019: its value increased at an average annual rate of +3.6% over the last seven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2019 figures, exports increased by +63.7% against 2017 indices. The pace of growth appeared the most rapid in 2018 with an increase of 52%. The exports peaked in 2019 and are expected to retain growth in years to come.

Exports by Country

The Czech Republic (X kg) was the main destination for cobalt exports from Bulgaria, with a 98% share of total exports. It was followed by Germany (X kg), with a 0.8% share of total exports.

From 2012 to 2019, the average annual growth rate of volume to the Czech Republic was relatively modest.

In value terms, the Czech Republic ($X) emerged as the key foreign market for cobalt exports from Bulgaria, comprising 98% of total exports. The second position in the ranking was held by Germany ($X), with a 1.3% share of total exports.

From 2012 to 2019, the average annual growth rate of value to the Czech Republic was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-44.0% per year) and Greece (-17.7% per year).

Export Prices by Country

The average cobalt export price stood at $X per ton in 2019, growing by 11% against the previous year. Overall, the export price, however, saw a slight shrinkage. The growth pace was the most rapid in 2018 an increase of 111% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2019, the export prices stood at a somewhat lower figure.

Average prices varied somewhat for the major external markets. In 2019, the country with the highest price was Germany ($X per ton), while the average price for exports to the Czech Republic ($X per ton) was amongst the lowest.

From 2012 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to Greece (+7.9%), while the prices for the other major destinations experienced mixed trend patterns.

Cobalt Imports

Imports into Bulgaria

In 2021, approx. X tons of cobalt were imported into Bulgaria; rising by 36% compared with the year before. Overall, imports, however, showed a mild descent. The most prominent rate of growth was recorded in 2015 when imports increased by 66%. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, cobalt imports skyrocketed to $X in 2021. Over the period under review, imports enjoyed temperate growth. The pace of growth appeared the most rapid in 2017 with an increase of 84%. Imports peaked at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Germany (X kg), France (X kg) and the United States (X kg) were the main suppliers of cobalt imports to Bulgaria, with a combined 83% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +32.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, France ($X), Germany ($X) and the United States ($X) were the largest cobalt suppliers to Bulgaria, together accounting for 76% of total imports.

Among the main suppliers, Germany, with a CAGR of +21.7%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the average cobalt import price amounted to $X per ton, waning by -7.5% against the previous year. In general, the import price, however, posted a measured increase. The pace of growth appeared the most rapid in 2017 when the average import price increased by 33% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Italy (+24.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform