Luxembourg: Cobalt Market 2022

Cobalt Market Size in Luxembourg

The Luxembourg cobalt market contracted markedly to $X in 2021, dropping by -98.5% against the previous year. Over the period under review, consumption saw a precipitous decrease. As a result, consumption reached the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Cobalt Production in Luxembourg

In value terms, cobalt production declined to $X in 2021 estimated in export price. In general, the total production indicated a temperate expansion from 2012 to 2021: its value 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. Based on 2021 figures, production increased by +4.7% against 2019 indices. The pace of growth was the most pronounced in 2017 with an increase of 39%. Cobalt production peaked at $X in 2018; however, from 2019 to 2021, production failed to regain momentum.

Cobalt Exports

Exports from Luxembourg

In 2021, cobalt exports from Luxembourg soared to X tons, increasing by 1,757% against the previous year. Over the period under review, exports recorded a buoyant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

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

Exports by Country

Germany (X tons) was the main destination for cobalt exports from Luxembourg, with a 71% share of total exports. Moreover, cobalt exports to Germany exceeded the volume sent to the second major destination, the Netherlands (X kg), twofold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Germany was relatively modest. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+20.4% per year) and Bulgaria (0.0% per year).

In value terms, Germany ($X), the Netherlands ($X) and Bulgaria ($X) appeared to be the largest markets for cobalt exported from Luxembourg worldwide, with a combined 99.9% share of total exports.

The Netherlands, with a CAGR of +24.9%, recorded the highest rates of growth with regard to the value of exports, among 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

In 2021, the average cobalt export price amounted to $X per ton, which is down by -30.8% against the previous year. In general, the export price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the average export price increased by 60%. Over the period under review, the average export prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of destination: the country with the highest price was Bulgaria ($X per ton), while the average price for exports to Germany ($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 Bulgaria (+4.0%), while the prices for the other major destinations experienced mixed trend patterns.

Cobalt Imports

Imports into Luxembourg

In 2021, approx. X tons of cobalt were imported into Luxembourg; declining by -30.6% compared with 2020 figures. Overall, imports recorded a precipitous shrinkage. The most prominent rate of growth was recorded in 2018 with an increase of 468% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports remained at a lower figure.

In value terms, cobalt imports stood at $X in 2021. In general, imports continue to indicate a precipitous curtailment. The pace of growth appeared the most rapid in 2018 when imports increased by 250% against the previous year. As a result, imports reached the peak of $X. From 2019 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, the Netherlands (X tons) constituted the largest cobalt supplier to Luxembourg, accounting for a 78% share of total imports. Moreover, cobalt imports from the Netherlands exceeded the figures recorded by the second-largest supplier, France (X kg), fivefold. Belgium (X kg) ranked third in terms of total imports with a 3.4% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from the Netherlands stood at +6.1%. The remaining supplying countries recorded the following average annual rates of imports growth: France (-43.1% per year) and Belgium (-19.1% per year).

In value terms, the Netherlands ($X) constituted the largest supplier of cobalt to Luxembourg, comprising 79% of total imports. The second position in the ranking was taken by France ($X), with a 12% share of total imports. It was followed by Belgium, with a 4.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the Netherlands stood at +71.4%. The remaining supplying countries recorded the following average annual rates of imports growth: France (-42.2% per year) and Belgium (-15.0% per year).

Import Prices by Country

In 2021, the average cobalt import price amounted to $X per ton, surging by 61% against the previous year. Overall, import price indicated notable growth from 2012 to 2021: its price increased at an average annual rate of +4.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, cobalt import price increased by +92.9% against 2018 indices. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably country of origin: the country with the highest price was China ($X per ton), while the price for France ($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 Netherlands (+61.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform