MERCOSUR: Cobalt Market 2022

Cobalt Market Size in MERCOSUR

In 2021, the MERCOSUR cobalt market increased by 9.2% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption, however, continues to indicate strong growth. The level of consumption peaked at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Cobalt Production in MERCOSUR

In value terms, cobalt production skyrocketed to $X in 2021 estimated in export price. Overall, production, however, showed a drastic downturn. The most prominent rate of growth was recorded in 2015 with an increase of 69%. The level of production peaked at $X in 2017; however, from 2018 to 2021, production stood at a somewhat lower figure.

Cobalt Exports

Exports in MERCOSUR

In 2021, the amount of cobalt exported in MERCOSUR fell sharply to X tons, declining by -71.6% compared with the previous year. In general, exports recorded a precipitous slump. The pace of growth appeared the most rapid in 2018 when exports increased by 763%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, cobalt exports surged to $X in 2021. Overall, exports recorded a dramatic setback. The pace of growth was the most pronounced in 2018 when exports increased by 248% against the previous year. Over the period under review, the exports attained the peak figure at $X in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

Exports by Country

Colombia dominates exports structure, amounting to X tons, which was near 87% of total exports in 2021. Peru (X kg) took a 6.2% share (based on physical terms) of total exports, which put it in second place, followed by Brazil (4.9%). Argentina (X kg) took a little share of total exports.

Colombia was also the fastest-growing in terms of the cobalt exports, with a CAGR of +12.2% from 2012 to 2021. At the same time, Peru (+3.9%) displayed positive paces of growth. By contrast, Argentina (-11.2%) and Brazil (-67.6%) illustrated a downward trend over the same period. Colombia (+87 p.p.), Peru (+6.2 p.p.) and Argentina (+2.2 p.p.) significantly strengthened its position in terms of the total exports, while Brazil saw its share reduced by -95% from 2012 to 2021, respectively.

In value terms, Brazil ($X) remains the largest cobalt supplier in MERCOSUR, comprising 99% of total exports. The second position in the ranking was held by Colombia ($X), with a 1.1% share of total exports. It was followed by Peru, with a 0.2% share.

In Brazil, cobalt exports decreased by an average annual rate of -22.9% over the period from 2012-2021. The remaining exporting countries recorded the following average annual rates of exports growth: Colombia (+6.6% per year) and Peru (+10.7% per year).

Export Prices by Country

In 2021, the export price in MERCOSUR amounted to $X per ton, with an increase of 613% against the previous year. Overall, the export price enjoyed a significant expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Brazil ($X per ton), while Colombia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+138.0%), while the other leaders experienced mixed trends in the export price figures.

Cobalt Imports

Imports in MERCOSUR

In 2021, purchases abroad of cobalt decreased by -32.6% to X tons, falling for the fourth consecutive year after four years of growth. Overall, imports, however, posted a moderate expansion. The growth pace was the most rapid in 2016 when imports increased by 52%. Over the period under review, imports hit record highs at X tons in 2017; however, from 2018 to 2021, imports failed to regain momentum.

In value terms, cobalt imports soared to $X in 2021. Over the period under review, imports, however, posted strong growth. The most prominent rate of growth was recorded in 2017 when imports increased by 145% against the previous year. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2021, imports stood at a somewhat lower figure.

Imports by Country

Brazil dominates imports structure, resulting at X tons, which was near 93% of total imports in 2021. It was distantly followed by Argentina (X tons), constituting a 5.1% share of total imports.

Brazil was also the fastest-growing in terms of the cobalt imports, with a CAGR of +5.2% from 2012 to 2021. At the same time, Argentina (+1.1%) displayed positive paces of growth. While the share of Brazil (+8.2 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Argentina (-1.5 p.p.) displayed negative dynamics.

In value terms, Brazil ($X) constitutes the largest market for imported cobalt in MERCOSUR, comprising 93% of total imports. The second position in the ranking was held by Argentina ($X), with a 5.6% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value in Brazil amounted to +10.4%.

Import Prices by Country

The import price in MERCOSUR stood at $X per ton in 2021, rising by 140% against the previous year. Overall, the import price recorded a measured increase. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

Average prices varied noticeably amongst the major importing countries. In 2021, the country with the highest price was Argentina ($X per ton), while Brazil amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+4.9%).

Source: IndexBox Platform