Portugal: Cobalt Market 2022

Cobalt Market Size in Portugal

After two years of decline, the Portuguese cobalt market increased by 38% to $X in 2021. In general, the total consumption indicated a modest increase from 2012 to 2021: its value increased at an average annual rate of +1.5% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Cobalt consumption peaked at $X in 2018; however, from 2019 to 2021, consumption failed to regain momentum.

Cobalt Exports

Exports from Portugal

In 2021, the amount of cobalt exported from Portugal surged to X kg, rising by 660% compared with 2020. Over the period under review, exports, however, continue to indicate a noticeable curtailment. Over the period under review, the exports hit record highs at X tons in 2015; however, from 2016 to 2021, the exports remained at a lower figure.

In value terms, cobalt exports skyrocketed to $X in 2021. Overall, exports, however, continue to indicate a slight slump. Over the period under review, the exports reached the peak figure at $X in 2019; however, from 2020 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

Brazil (X kg) was the main destination for cobalt exports from Portugal, with a 79% share of total exports. Moreover, cobalt exports to Brazil exceeded the volume sent to the second major destination, Spain (X kg), fourfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Brazil amounted to +61.6%.

In value terms, Brazil ($X) remains the key foreign market for cobalt exports from Portugal, comprising 76% of total exports. The second position in the ranking was held by Spain ($X), with a 24% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Brazil stood at +72.6%.

Export Prices by Country

In 2021, the average cobalt export price amounted to $X per ton, increasing by 6.8% against the previous year. Over the period under review, export price indicated a mild expansion from 2012 to 2021: its price increased at an average annual rate of +1.7% 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 export price decreased by -16.0% against 2018 indices. The growth pace was the most rapid in 2018 an increase of 39% against the previous year. As a result, the export price attained the peak level of $X per ton. From 2019 to 2021, the the average export prices remained at a lower figure.

Average prices varied noticeably for the major external markets. In 2021, the country with the highest price was Spain ($X per ton), while the average price for exports to Brazil amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Italy (+9.4%), while the prices for the other major destinations experienced more modest paces of growth.

Cobalt Imports

Imports into Portugal

In 2021, supplies from abroad of cobalt was finally on the rise to reach X tons after two years of decline. Over the period under review, imports showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2015 with an increase of 48% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports remained at a lower figure.

In value terms, cobalt imports skyrocketed to $X in 2021. Overall, imports continue to indicate pronounced growth. The pace of growth appeared the most rapid in 2017 when imports increased by 115% against the previous year. Over the period under review, imports attained the maximum at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

France (X tons), Belgium (X tons) and Germany (X tons) were the main suppliers of cobalt imports to Portugal, with a combined 84% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Germany (with a CAGR of +14.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest cobalt suppliers to Portugal were Belgium ($X), France ($X) and Germany ($X), together comprising 85% of total imports.

In terms of the main suppliers, Germany, with a CAGR of +13.9%, 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

The average cobalt import price stood at $X per ton in 2021, increasing by 21% against the previous year. In general, import price indicated modest growth from 2012 to 2021: its price increased at an average annual rate of +1.4% 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 +24.9% against 2019 indices. The most prominent rate of growth was recorded in 2017 when the average import price increased by 57% against the previous year. The import price peaked at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In 2021, the highest price was recorded for prices from Belgium ($X per ton) and Spain ($X per ton), while the price for Germany ($X per ton) and Finland ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+2.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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