Morocco: Cobalt Market 2022

Cobalt Market Size in Morocco

After two years of decline, the Moroccan cobalt market increased by 8,213% to $X in 2021. Overall, consumption enjoyed a slight increase. Over the period under review, the market attained the peak level at $X in 2016; however, from 2017 to 2021, consumption failed to regain momentum.

Cobalt Production in Morocco

In value terms, cobalt production expanded modestly to $X in 2021 estimated in export price. Overall, production showed a notable expansion. The pace of growth was the most pronounced in 2018 when the production volume increased by 60% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2021, production growth failed to regain momentum.

Cobalt Exports

Exports from Morocco

Cobalt exports from Morocco dropped sharply to X tons in 2021, with a decrease of -23.7% compared with the year before. Over the period under review, total exports indicated tangible growth from 2012 to 2021: its volume increased at an average annual rate of +3.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, exports decreased by -25.1% against 2019 indices. The most prominent rate of growth was recorded in 2019 when exports increased by 39% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2021, the growth of the exports failed to regain momentum.

In value terms, cobalt exports rose notably to $X in 2021. Overall, exports, however, continue to indicate a buoyant increase. The growth pace was the most rapid in 2017 when exports increased by 77%. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

The Netherlands (X tons), Japan (X tons) and Taiwan (Chinese) (X tons) were the main destinations of cobalt exports from Morocco, together accounting for 71% of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands (with a CAGR of +27.1%), while the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X), Japan ($X) and Taiwan (Chinese) ($X) constituted the largest markets for cobalt exported from Morocco worldwide, together accounting for 71% of total exports.

The Netherlands, with a CAGR of +75.9%, 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

The average cobalt export price stood at $X per ton in 2021, with an increase of 43% against the previous year. Overall, the export price saw prominent growth. The most prominent rate of growth was recorded in 2018 an increase of 53%. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the average export prices failed to regain momentum.

Prices varied noticeably country of destination: the country with the highest price was Germany ($X per ton), while the average price for exports to the United States ($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 the Netherlands (+38.4%), while the prices for the other major destinations experienced more modest paces of growth.

Cobalt Imports

Imports into Morocco

In 2021, approx. X tons of cobalt were imported into Morocco; jumping by 119% compared with the year before. In general, imports enjoyed a strong expansion. The pace of growth was the most pronounced in 2016 when imports increased by 408%. As a result, imports reached the peak of X tons. From 2017 to 2021, the growth of imports failed to regain momentum.

In value terms, cobalt imports soared to $X in 2021. Overall, imports saw a buoyant increase. The pace of growth appeared the most rapid in 2016 when imports increased by 167%. 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, the United States (X tons) constituted the largest supplier of cobalt to Morocco, with a 63% share of total imports. Moreover, cobalt imports from the United States exceeded the figures recorded by the second-largest supplier, France (X kg), twofold. Germany (X kg) ranked third in terms of total imports with a 3.3% share.

From 2012 to 2021, the average annual growth rate of volume from the United States totaled +29.5%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+36.5% per year) and Germany (-14.9% per year).

In value terms, the United States ($X) constituted the largest supplier of cobalt to Morocco, comprising 62% of total imports. The second position in the ranking was held by France ($X), with a 25% share of total imports. It was followed by Germany, with a 4.5% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the United States amounted to +26.5%. The remaining supplying countries recorded the following average annual rates of imports growth: France (+21.9% per year) and Germany (-14.0% per year).

Import Prices by Country

The average cobalt import price stood at $X per ton in 2021, remaining stable against the previous year. In general, the import price, however, recorded a slight shrinkage. The growth pace was the most rapid in 2017 when the average import price increased by 65%. Over the period under review, average import prices reached the maximum at $X per ton in 2013; however, from 2014 to 2021, import prices stood at a somewhat lower figure.

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 Japan (+65.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform