Kenya: Cobalt Market 2022

Cobalt Market Size in Kenya

After nine years of growth, the Kenyan cobalt market decreased by -0.7% to $X in 2021. Over the period under review, consumption showed a significant expansion. Cobalt consumption peaked at $X in 2020, and then fell in the following year.

Cobalt Production in Kenya

In value terms, cobalt production shrank slightly to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.7% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The most prominent rate of growth was recorded in 2019 with an increase of 7% against the previous year. Cobalt production peaked at $X in 2020, and then contracted slightly in the following year.

Cobalt Exports

Exports from Kenya

In 2021, the amount of cobalt exported from Kenya reduced markedly to X tons, falling by -32.6% against the previous year's figure. In general, exports continue to indicate a dramatic setback. The smallest decline of -20% was in 2013. The exports peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, cobalt exports fell notably to $X in 2021. Overall, exports continue to indicate a dramatic shrinkage. The exports peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for cobalt exports from Kenya, with a 98% share of total exports. It was followed by Uganda (X kg), with a 1.9% share of total exports.

From 2012 to 2021, the average annual growth rate of volume to China totaled -29.9%.

In value terms, China ($X) remains the key foreign market for cobalt exports from Kenya, comprising 96% of total exports. The second position in the ranking was held by Uganda ($X), with a 0.1% share of total exports.

From 2012 to 2021, the average annual growth rate of value to China stood at -24.3%.

Export Prices by Country

The average cobalt export price stood at $X per ton in 2021, rising by 7.2% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average export price increased by 7.2% against the previous year. The export price peaked in 2021 and is likely to see steady growth in the near future.

Prices varied noticeably country of destination: the country with the highest price was China ($X per ton), while the average price for exports to Uganda amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to China (+7.9%).

Cobalt Imports

Imports into Kenya

In 2021, overseas purchases of cobalt increased by 37% to X kg, rising for the second year in a row after three years of decline. Overall, imports continue to indicate strong growth. The pace of growth appeared the most rapid in 2015 when imports increased by 663% against the previous year. Imports peaked at X kg in 2016; however, from 2017 to 2021, imports stood at a somewhat lower figure.

In value terms, cobalt imports skyrocketed to $X in 2021. In general, imports posted a prominent expansion. The most prominent rate of growth was recorded in 2016 when imports increased by 572% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, India (X kg) constituted the largest supplier of cobalt to Kenya, with a 79% share of total imports. Moreover, cobalt imports from India exceeded the figures recorded by the second-largest supplier, Italy (X kg), sixfold. Germany (X kg) ranked third in terms of total imports with a 5.2% share.

From 2012 to 2021, the average annual growth rate of volume from India stood at +15.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Italy (0.0% per year) and Germany (-6.3% per year).

In value terms, the largest cobalt suppliers to Kenya were India ($X), Italy ($X) and Germany ($X), together comprising 74% of total imports.

In terms of the main suppliers, Germany, with a CAGR of +13.3%, 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

The average cobalt import price stood at $X per ton in 2021, shrinking by -3.9% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when the average import price increased by 101% against the previous year. The import price peaked at $X per ton in 2019; however, from 2020 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was Germany ($X per ton), while the price for India ($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 (+30.4%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform