Middle East: Cobalt Market 2022

Cobalt Market Size in the Middle East

In 2021, the Middle Eastern cobalt market decreased by -8.8% to $X, falling for the third year in a row after two years of growth. Over the period under review, consumption recorded a pronounced curtailment. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Cobalt Production in the Middle East

In value terms, cobalt production fell dramatically to $X in 2021 estimated in export price. Over the period under review, production showed a significant expansion. The pace of growth appeared the most rapid in 2020 when the production volume increased by 1,168%. As a result, production attained the peak level of $X, and then contracted rapidly in the following year.

Cobalt Exports

Exports in the Middle East

For the eighth consecutive year, the Middle East recorded growth in shipments abroad of cobalt, which increased by 13% to X tons in 2021. Overall, exports enjoyed a significant increase. The most prominent rate of growth was recorded in 2020 with an increase of 1,937%. Over the period under review, the exports reached the peak figure in 2021 and are likely to see steady growth in the immediate term.

In value terms, cobalt exports totaled $X in 2021. Over the period under review, exports recorded a significant increase. The pace of growth was the most pronounced in 2020 when exports increased by 1,059%. The level of export peaked in 2021 and is likely to see gradual growth in years to come.

Exports by Country

Turkey dominates exports structure, recording X tons, which was approx. 98% of total exports in 2021. The United Arab Emirates (X tons) followed a long way behind the leaders.

Turkey was also the fastest-growing in terms of the cobalt exports, with a CAGR of +109.7% from 2012 to 2021. At the same time, the United Arab Emirates (+62.9%) displayed positive paces of growth. While the share of Turkey (+22 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of the United Arab Emirates (-13.1 p.p.) displayed negative dynamics.

In value terms, Turkey ($X) remains the largest cobalt supplier in the Middle East, comprising 88% of total exports. The second position in the ranking was taken by the United Arab Emirates ($X), with an 11% share of total exports.

In Turkey, cobalt exports increased at an average annual rate of +75.3% over the period from 2012-2021.

Export Prices by Country

The export price in the Middle East stood at $X per ton in 2021, which is down by -7.5% against the previous year. Overall, the export price saw a abrupt decline. The pace of growth was the most pronounced in 2017 an increase of 109% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 to 2021, the the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was the United Arab Emirates ($X per ton), while Turkey totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+5.5%).

Cobalt Imports

Imports in the Middle East

In 2021, overseas purchases of cobalt decreased by -32.2% to X tons, falling for the third year in a row after two years of growth. In general, imports, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 with an increase of 33%. As a result, imports attained the peak of X tons. From 2019 to 2021, the growth of imports failed to regain momentum.

In value terms, cobalt imports reduced notably to $X in 2021. Over the period under review, imports, however, enjoyed a modest increase. The growth pace was the most rapid in 2018 when imports increased by 70%. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Turkey represented the main importing country with an import of about X tons, which finished at 51% of total imports. It was distantly followed by Israel (X tons) and the United Arab Emirates (X tons), together achieving a 38% share of total imports. Saudi Arabia (X tons), Iran (X tons) and Qatar (X tons) took a minor share of total imports.

Imports into Turkey decreased at an average annual rate of -1.0% from 2012 to 2021. At the same time, Saudi Arabia (+14.4%), Qatar (+11.4%), the United Arab Emirates (+9.3%) and Israel (+6.8%) displayed positive paces of growth. Moreover, Saudi Arabia emerged as the fastest-growing importer imported in the Middle East, with a CAGR of +14.4% from 2012-2021. By contrast, Iran (-12.8%) illustrated a downward trend over the same period. Israel (+10 p.p.), the United Arab Emirates (+6.8 p.p.), Qatar (+2.9 p.p.) and Saudi Arabia (+2.9 p.p.) significantly strengthened its position in terms of the total imports, while Turkey and Iran saw its share reduced by -9.3% and -9.4% from 2012 to 2021, respectively.

In value terms, the largest cobalt importing markets in the Middle East were Turkey ($X), Israel ($X) and the United Arab Emirates ($X), together accounting for 87% of total imports.

In terms of the main importing countries, the United Arab Emirates, with a CAGR of +10.4%, recorded 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

In 2021, the import price in the Middle East amounted to $X per ton, jumping by 21% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The growth pace was the most rapid in 2017 an increase of 48%. The level of import peaked at $X per ton in 2018; however, from 2019 to 2021, import prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Saudi Arabia ($X per ton), while Qatar ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Israel (+2.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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