India: Cobalt Market 2022

Cobalt Market Size in India

The Indian cobalt market skyrocketed to $X in 2021, growing by 72% 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). In general, consumption showed buoyant growth. As a result, consumption attained the peak level of $X. From 2020 to 2021, the growth of the market failed to regain momentum.

Cobalt Exports

Exports from India

In 2021, shipments abroad of cobalt increased by 54% to X tons, rising for the fifth consecutive year after two years of decline. Over the period under review, exports enjoyed perceptible growth. The most prominent rate of growth was recorded in 2017 with an increase of 148%. Over the period under review, the exports attained the peak figure in 2021 and are likely to see steady growth in years to come.

In value terms, cobalt exports skyrocketed to $X in 2021. In general, exports recorded a prominent expansion. The most prominent rate of growth was recorded in 2018 with an increase of 368%. Over the period under review, the exports reached the peak figure in 2021 and are likely to see gradual growth in the immediate term.

Exports by Country

South Korea (X tons), the United States (X tons) and China (X tons) were the main destinations of cobalt exports from India, together accounting for 87% of total exports. Belgium, the United Arab Emirates and the UK lagged somewhat behind, together comprising a further 12%.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the United Arab Emirates (with a CAGR of +111.2%), while the other leaders experienced more modest paces of growth.

In value terms, South Korea ($X) remains the key foreign market for cobalt exports from India, comprising 57% of total exports. The second position in the ranking was held by the United States ($X), with a 24% share of total exports. It was followed by China, with a 6.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value to South Korea amounted to +17.4%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (+51.5% per year) and China (-1.9% per year).

Export Prices by Country

The average cobalt export price stood at $X per ton in 2021, with a decrease of -16% against the previous year. Overall, the export price, however, recorded a perceptible expansion. The most prominent rate of growth was recorded in 2015 an increase of 221% against the previous year. Over the period under review, the average export prices attained the maximum at $X per ton in 2018; however, from 2019 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was the United Arab Emirates ($X per ton), while the average price for exports to China ($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 China (+21.9%), while the prices for the other major destinations experienced more modest paces of growth.

Cobalt Imports

Imports into India

In 2021, the amount of cobalt imported into India soared to X tons, jumping by 46% against 2020 figures. Over the period under review, total imports indicated prominent growth from 2012 to 2021: its volume increased at an average annual rate of +5.8% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -22.3% against 2019 indices. The pace of growth appeared the most rapid in 2019 with an increase of 140%. As a result, imports attained the peak of X tons. From 2020 to 2021, the growth of imports remained at a lower figure.

In value terms, cobalt imports soared to $X in 2021. In general, imports posted a resilient expansion. Over the period under review, imports attained the peak figure at $X in 2019; however, from 2020 to 2021, imports failed to regain momentum.

Imports by Country

The Netherlands (X tons), Japan (X tons) and Belgium (X tons) were the main suppliers of cobalt imports to India, with a combined 48% 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 the Netherlands (with a CAGR of +147.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest cobalt suppliers to India were the Netherlands ($X), Belgium ($X) and Japan ($X), with a combined 46% share of total imports.

In terms of the main suppliers, the Netherlands, with a CAGR of +167.0%, saw the highest growth rate of 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

The average cobalt import price stood at $X per ton in 2021, increasing by 30% against the previous year. Over the period under review, import price indicated a noticeable expansion from 2012 to 2021: its price increased at an average annual rate of +2.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2018 an increase of 47% against the previous year. As a result, import price reached the peak level of $X per ton. From 2019 to 2021, the average import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Madagascar (+17.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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