Eastern Asia: Cobalt Market 2022

Cobalt Market Size in Eastern Asia

The East Asian cobalt market soared to $X in 2021, with an increase of 54% against the previous year. Overall, consumption posted strong growth. The level of consumption peaked in 2021 and is expected to retain growth in the near future.

Cobalt Production in Eastern Asia

In value terms, cobalt production reached $X in 2021 estimated in export price. In general, production enjoyed a measured increase. The growth pace was the most rapid in 2018 with an increase of 52%. As a result, production attained the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Cobalt Exports

Exports in Eastern Asia

After two years of decline, overseas shipments of cobalt increased by 15% to X tons in 2021. In general, exports, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 with an increase of 101%. Over the period under review, the exports hit record highs at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, cobalt exports skyrocketed to $X in 2021. Over the period under review, exports saw moderate growth. The most prominent rate of growth was recorded in 2017 with an increase of 166%. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Japan (X tons) and China (X tons) were the major exporters of cobalt in 2021, resulting at near 48% and 38% of total exports, respectively. It was distantly followed by South Korea (X tons), achieving an 11% share of total exports. The following exporters - Taiwan (Chinese) (X tons) and Hong Kong SAR (X tons) - each finished at a 3.8% share of total exports.

From 2012 to 2021, the biggest increases were in Japan (with a CAGR of +8.7%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, China ($X), Japan ($X) and South Korea ($X) appeared to be the countries with the highest levels of exports in 2021, with a combined 96% share of total exports.

In terms of the main exporting countries, Japan, with a CAGR of +11.9%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

The export price in Eastern Asia stood at $X per ton in 2021, increasing by 23% against the previous year. Export price indicated a noticeable increase from 2012 to 2021: its price increased at an average annual rate of +3.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2018 when the export price increased by 32% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the the export prices remained 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 Taiwan (Chinese) ($X per ton), while South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Taiwan (Chinese) (+13.3%), while the other leaders experienced more modest paces of growth.

Cobalt Imports

Imports in Eastern Asia

Cobalt imports expanded to X tons in 2021, surging by 4.8% against 2020. Overall, imports saw a prominent expansion. The most prominent rate of growth was recorded in 2018 when imports increased by 91%. As a result, imports reached the peak of X tons. From 2019 to 2021, the growth of imports failed to regain momentum.

In value terms, cobalt imports soared to $X in 2021. In general, imports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2017 when imports increased by 129% against the previous year. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the near future.

Imports by Country

China prevails in imports structure, accounting for X tons, which was near 95% of total imports in 2021. The following importers - Japan (X tons) and South Korea (X tons) - together made up 4.6% of total imports.

China was also the fastest-growing in terms of the cobalt imports, with a CAGR of +16.0% from 2012 to 2021. At the same time, South Korea (+9.4%) displayed positive paces of growth. By contrast, Japan (-1.9%) illustrated a downward trend over the same period. China (+11 p.p.) significantly strengthened its position in terms of the total imports, while Japan saw its share reduced by -7.7% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported cobalt in Eastern Asia, comprising 89% of total imports. The second position in the ranking was held by Japan ($X), with a 7.9% share of total imports.

In China, cobalt imports increased at an average annual rate of +28.7% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Japan (+2.7% per year) and South Korea (+4.1% per year).

Import Prices by Country

In 2021, the import price in Eastern Asia amounted to $X per ton, picking up by 80% against the previous year. In general, the import price showed resilient growth. As a result, import price reached 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 ($X per ton), while China ($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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