Republic of Korea: Cobalt Market 2022

Cobalt Market Size in Republic of Korea

The South Korean cobalt market soared to $X in 2021, increasing by 204% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Over the period under review, consumption recorded prominent growth. Over the period under review, the market hit record highs in 2021 and is likely to see gradual growth in years to come.

Cobalt Exports

Exports from Republic of Korea

In 2021, after three years of decline, there was significant growth in overseas shipments of cobalt, when their volume increased by 812% to X tons. In general, exports, however, continue to indicate a pronounced slump. Over the period under review, the exports hit record highs at X tons in 2017; however, from 2018 to 2021, the exports stood at a somewhat lower figure.

In value terms, cobalt exports soared to $X in 2021. Over the period under review, exports, however, continue to indicate a mild descent. The most prominent rate of growth was recorded in 2017 with an increase of 983%. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Malaysia (X tons) was the main destination for cobalt exports from South Korea, accounting for a 74% share of total exports. Moreover, cobalt exports to Malaysia exceeded the volume sent to the second major destination, China (X tons), sixfold. Canada (X tons) ranked third in terms of total exports with a 7.9% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Malaysia amounted to +41.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-20.3% per year) and Canada (+248.4% per year).

In value terms, Malaysia ($X), Canada ($X) and Japan ($X) constituted the largest markets for cobalt exported from South Korea worldwide, together comprising 86% of total exports.

Canada, with a CAGR of +190.7%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

The average cobalt export price stood at $X per ton in 2021, falling by -9.5% against the previous year. In general, export price indicated a mild expansion from 2012 to 2021: its price increased at an average annual rate of +1.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, cobalt export price increased by +26.8% against 2019 indices. The pace of growth appeared the most rapid in 2020 an increase of 40%. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2021, the country with the highest price was Japan ($X per ton), while the average price for exports to Malaysia ($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 Hong Kong SAR (+5.2%), while the prices for the other major destinations experienced a decline.

Cobalt Imports

Imports into Republic of Korea

In 2021, imports of cobalt into South Korea skyrocketed to X tons, increasing by 252% on the previous year's figure. In general, imports recorded resilient growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, cobalt imports soared to $X in 2021. Over the period under review, imports posted a tangible increase. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2021, imports remained at a lower figure.

Imports by Country

Democratic Republic of the Congo (X tons), Japan (X tons) and China (X tons) were the main suppliers of cobalt imports to South Korea, together comprising 70% of total imports. These countries were followed by Malaysia, India, Taiwan (Chinese), Singapore, Belgium, Canada, Australia, Pakistan and Hungary, which together accounted for a further 23%.

From 2012 to 2021, the biggest increases were in Singapore (with a CAGR of +441.2%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest cobalt suppliers to South Korea were China ($X), Democratic Republic of the Congo ($X) and Japan ($X), together comprising 55% of total imports. Belgium, Canada, Taiwan (Chinese), India, Australia, Malaysia, Singapore, Pakistan and Hungary lagged somewhat behind, together accounting for a further 27%.

Among the main suppliers, Singapore, with a CAGR of +378.9%, saw the highest rates of growth with regard to 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 average cobalt import price amounted to $X per ton, which is down by -14.2% against the previous year. In general, the import price recorded a noticeable reduction. The pace of growth appeared the most rapid in 2017 when the average import price increased by 51% against the previous year. Over the period under review, average import prices reached the maximum at $X per ton in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was China ($X per ton), while the price for Hungary ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Canada (+4.3%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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