Hungary: Cobalt Market 2022

Cobalt Market Size in Hungary

For the fourth consecutive year, the Hungarian cobalt market recorded growth in sales value, which increased by 11% to $X in 2021. In general, consumption saw a resilient increase. Over the period under review, the market reached the maximum level in 2021 and is expected to retain growth in the immediate term.

Cobalt Production in Hungary

In value terms, cobalt production stood at less than $X in 2021 estimated in export price. Overall, production showed significant growth. The most prominent rate of growth was recorded in 2018 when the production volume increased by 211% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Cobalt Exports

Exports from Hungary

After three years of decline, shipments abroad of cobalt increased by 9,519% to X tons in 2021. In general, exports recorded a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, cobalt exports soared to $X in 2021. Overall, exports continue to indicate a resilient increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

South Korea (X tons) was the main destination for cobalt exports from Hungary, accounting for a 97% share of total exports. It was followed by Italy (X tons), with a 1.1% share of total exports. The UK (X tons) ranked third in terms of total exports with a 0.8% share.

From 2012 to 2021, the average annual growth rate of volume to South Korea was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Italy (-0.7% per year) and the UK (-20.5% per year).

In value terms, South Korea ($X) emerged as the key foreign market for cobalt exports from Hungary, comprising 70% of total exports. The second position in the ranking was held by Germany ($X), with a 10% share of total exports. It was followed by Italy, with a 9.8% share.

From 2012 to 2021, the average annual growth rate of value to South Korea was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: Germany (-0.1% per year) and Italy (+1.5% per year).

Export Prices by Country

In 2021, the average cobalt export price amounted to $X per ton, shrinking by -95.8% against the previous year. In general, the export price showed a deep contraction. The growth pace was the most rapid in 2020 an increase of 190% against the previous year. As a result, the export price reached the peak level of $X per ton, and then contracted notably in the following year.

Prices varied noticeably country of destination: the country with the highest price was Germany ($X per ton), while the average price for exports to South Korea ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+6.2%), while the prices for the other major destinations experienced more modest paces of growth.

Cobalt Imports

Imports into Hungary

In 2021, purchases abroad of cobalt increased by 24% to X tons, rising for the third year in a row after three years of decline. Over the period under review, imports enjoyed a temperate expansion. The pace of growth was the most pronounced in 2020 when imports increased by 78% against the previous year. Over the period under review, imports reached the peak figure at X tons in 2015; however, from 2016 to 2021, imports stood at a somewhat lower figure.

In value terms, cobalt imports soared to $X in 2021. In general, imports showed prominent growth. The pace of growth appeared the most rapid in 2014 with an increase of 54% against the previous year. Imports peaked at $X in 2017; however, from 2018 to 2021, imports failed to regain momentum.

Imports by Country

The United States (X tons), France (X tons) and Germany (X tons) were the main suppliers of cobalt imports to Hungary, together comprising 77% of total imports. India, Tunisia, the UK and Canada lagged somewhat behind, together comprising a further 18%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by India (with a CAGR of +348.6%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the United States ($X) constituted the largest supplier of cobalt to Hungary, comprising 50% of total imports. The second position in the ranking was held by France ($X), with a 16% share of total imports. It was followed by India, with a 13% share.

From 2012 to 2021, the average annual growth rate of value from the United States amounted to +8.1%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+20.9% per year) and India (+201.6% per year).

Import Prices by Country

The average cobalt import price stood at $X per ton in 2021, which is down by -3.4% against the previous year. Over the period under review, the import price, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2016 when the average import price increased by 105%. Over the period under review, average import prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of origin: 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 the United States (+9.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform