Canada: Cobalt Market 2022

Cobalt Market Size in Canada

For the fifth consecutive year, the Canadian cobalt market recorded decline in sales value, which decreased by -56.7% to $X in 2021. Over the period under review, consumption faced a significant contraction. As a result, consumption attained the peak level of $X. From 2017 to 2021, the growth of the market remained at a somewhat lower figure.

Cobalt Production in Canada

In value terms, cobalt production expanded remarkably to $X in 2021 estimated in export price. Overall, production, however, saw a abrupt downturn. The pace of growth was the most pronounced in 2017 when the production volume increased by 94% against the previous year. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2021, production remained at a lower figure.

Cobalt Exports

Exports from Canada

In 2021, shipments abroad of cobalt was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. The total export volume increased at an average annual rate of +1.1% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2017 with an increase of 28% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, cobalt exports soared to $X in 2021. In general, exports showed a remarkable increase. The most prominent rate of growth was recorded in 2017 with an increase of 174%. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Norway (X tons), the Netherlands (X tons) and China (X tons) were the main destinations of cobalt exports from Canada, with a combined 64% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of +39.0%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for cobalt exported from Canada were Norway ($X), China ($X) and the Netherlands ($X), with a combined 64% share of total exports.

China, with a CAGR of +43.3%, recorded the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average cobalt export price stood at $X per ton in 2021, surging by 47% against the previous year. Overall, the export price recorded notable growth. The growth pace was the most rapid in 2017 when the average export price increased by 113% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

Average prices varied somewhat for the major external markets. In 2021, the countries with the highest prices were Japan ($X per ton) and China ($X per ton), while the average price for exports to the Netherlands ($X per ton) and the United States ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Norway (+6.3%), while the prices for the other major destinations experienced more modest paces of growth.

Cobalt Imports

Imports into Canada

In 2021, purchases abroad of cobalt decreased by -2.6% to X tons, falling for the third consecutive year after two years of growth. Over the period under review, imports showed a abrupt downturn. The growth pace was the most rapid in 2017 with an increase of 130% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, cobalt imports dropped to $X in 2021. In general, imports showed a abrupt descent. The growth pace was the most rapid in 2018 with an increase of 169%. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports failed to regain momentum.

Imports by Country

In 2021, Belgium (X tons) constituted the largest supplier of cobalt to Canada, accounting for a 29% share of total imports. Moreover, cobalt imports from Belgium exceeded the figures recorded by the second-largest supplier, Switzerland (X tons), twofold. The third position in this ranking was taken by Australia (X tons), with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Belgium stood at +17.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Switzerland (+47.1% per year) and Australia (-21.0% per year).

In value terms, the largest cobalt suppliers to Canada were Australia ($X), Finland ($X) and South Africa ($X), with a combined 47% share of total imports. These countries were followed by the United States, Belgium, Switzerland and Madagascar, which together accounted for a further 36%.

Madagascar, with a CAGR of +472.8%, recorded the highest growth rate of the value of imports, in terms of the main suppliers 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, reducing by -6.4% against the previous year. Over the period under review, the import price recorded a perceptible downturn. The most prominent rate of growth was recorded in 2018 an increase of 75%. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the average import prices remained at a somewhat lower figure.

Prices varied noticeably country of origin: the country with the highest price was South Africa ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Madagascar (+36.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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