Republic of Korea: Market for Cobalt Oxides And Hydroxides And Commercial Cobalt Oxides 2024

Market Size for Cobalt Oxides And Hydroxides And Commercial Cobalt Oxides in Republic of Korea

In 2021, the South Korean cobalt oxides and hydroxides market increased by 81% to $X for the first time since 2018, thus ending a two-year declining trend. In general, consumption, however, continues to indicate a noticeable reduction. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a lower figure.

Exports of Cobalt Oxides And Hydroxides And Commercial Cobalt Oxides

Exports from Republic of Korea

In 2021, overseas shipments of cobalt oxides and hydroxides and commercial cobalt oxides decreased by -3.5% to X tons, falling for the third consecutive year after two years of growth. Overall, exports continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2017 with an increase of 650% against the previous year. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, cobalt oxides and hydroxides exports skyrocketed to $X in 2021. In general, exports continue to indicate a deep slump. The most prominent rate of growth was recorded in 2017 when exports increased by 820% against the previous year. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Belgium (X tons) was the main destination for cobalt oxides and hydroxides exports from South Korea, with a 81% share of total exports. Moreover, cobalt oxides and hydroxides exports to Belgium exceeded the volume sent to the second major destination, the United States (X tons), eightfold. China (X tons) ranked third in terms of total exports with a 5.1% share.

From 2012 to 2021, the average annual rate of growth in terms of volume to Belgium totaled +126.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the United States (-1.9% per year) and China (-4.6% per year).

In value terms, Belgium ($X) emerged as the key foreign market for cobalt oxides and hydroxides and commercial cobalt oxides exports from South Korea, comprising 90% of total exports. The second position in the ranking was held by China ($X), with a 4.4% share of total exports. It was followed by the United States, with a 2.6% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Belgium stood at +112.2%. Exports to the other major destinations recorded the following average annual rates of exports growth: China (-8.2% per year) and the United States (-6.4% per year).

Export Prices by Country

In 2021, the average cobalt oxides and hydroxides export price amounted to $X per ton, rising by 50% against the previous year. In general, the export price saw a relatively flat trend pattern. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to the United States ($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 Brazil (+20.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Cobalt Oxides And Hydroxides And Commercial Cobalt Oxides

Imports into Republic of Korea

In 2021, supplies from abroad of cobalt oxides and hydroxides and commercial cobalt oxides was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. In general, imports, however, showed a perceptible reduction. Imports peaked at X tons in 2013; however, from 2014 to 2021, imports failed to regain momentum.

In value terms, cobalt oxides and hydroxides imports soared to $X in 2021. Over the period under review, imports, however, continue to indicate a mild descent. The growth pace was the most rapid in 2018 when imports increased by 115% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest cobalt oxides and hydroxides supplier to South Korea, accounting for a 59% share of total imports. Moreover, cobalt oxides and hydroxides imports from China exceeded the figures recorded by the second-largest supplier, Belgium (X tons), fourfold. The third position in this ranking was taken by Democratic Republic of the Congo (X tons), with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +1.6%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (-13.8% per year) and Democratic Republic of the Congo (+22.9% per year).

In value terms, China ($X) constituted the largest supplier of cobalt oxides and hydroxides and commercial cobalt oxides to South Korea, comprising 64% of total imports. The second position in the ranking was taken by Belgium ($X), with a 20% share of total imports. It was followed by Finland, with a 12% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +5.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (-9.4% per year) and Finland (-5.8% per year).

Import Prices by Country

The average cobalt oxides and hydroxides import price stood at $X per ton in 2021, picking up by 23% against the previous year. Over the period under review, the import price saw a pronounced expansion. The growth pace was the most rapid in 2017 an increase of 97% against the previous year. Over the period under review, average import prices hit record highs at $X per ton in 2018; however, from 2019 to 2021, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Belgium ($X per ton), while the price for Democratic Republic of the Congo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Belgium (+5.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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