South Africa: Cobalt Market 2022

Cobalt Market Size in South Africa

In 2021, the South African cobalt market decreased by -73.1% to $X for the first time since 2017, thus ending a three-year rising trend. In general, consumption recorded a deep slump. Over the period under review, the market reached the maximum level at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Cobalt Production in South Africa

In value terms, cobalt production rose remarkably to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 with an increase of 75%. Cobalt production peaked at $X in 2014; however, from 2015 to 2021, production failed to regain momentum.

Cobalt Exports

Exports from South Africa

In 2021, shipments abroad of cobalt was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, exports continue to indicate a remarkable increase. The pace of growth appeared the most rapid in 2017 with an increase of 254% against the previous year. The exports peaked in 2021 and are expected to retain growth in years to come.

In value terms, cobalt exports surged to $X in 2021. Overall, exports enjoyed a moderate expansion. The pace of growth appeared the most rapid in 2017 when exports increased by 138%. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

Exports by Country

China (X tons) was the main destination for cobalt exports from South Africa, with a 47% share of total exports. Moreover, cobalt exports to China exceeded the volume sent to the second major destination, the Netherlands (X tons), threefold. The third position in this ranking was held by Ireland (X tons), with a 12% share.

From 2012 to 2021, the average annual growth rate of volume to China totaled +67.9%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (+8.6% per year) and Ireland (+87.3% per year).

In value terms, China ($X), the Netherlands ($X) and Chile ($X) were the largest markets for cobalt exported from South Africa worldwide, together accounting for 77% of total exports. These countries were followed by Ireland, the United States, Japan and Canada, which together accounted for a further 21%.

In terms of the main countries of destination, Ireland, with a CAGR of +69.9%, saw the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2021, the average cobalt export price amounted to $X per ton, with a decrease of -25.7% against the previous year. In general, the export price saw a abrupt descent. The pace of growth was the most pronounced in 2013 an increase of 46%. The export price peaked at $X per ton in 2014; however, from 2015 to 2021, the export prices stood at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was the Netherlands ($X per ton), while the average price for exports to Canada ($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 China (-1.2%), while the prices for the other major destinations experienced a decline.

Cobalt Imports

Imports into South Africa

In 2021, supplies from abroad of cobalt decreased by -98.8% to X tons, falling for the seventh year in a row after three years of growth. Over the period under review, imports saw a precipitous descent. The most prominent rate of growth was recorded in 2013 with an increase of 2,264% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, cobalt imports declined dramatically to $X in 2021. Overall, imports saw a abrupt shrinkage. The growth pace was the most rapid in 2013 with an increase of 2,575%. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, the United States (X tons) constituted the largest supplier of cobalt to South Africa, with a 80% share of total imports. Moreover, cobalt imports from the United States exceeded the figures recorded by the second-largest supplier, Belgium (X kg), ninefold. The third position in this ranking was taken by Turkey (X kg), with a 9% share.

From 2012 to 2021, the average annual growth rate of volume from the United States totaled -11.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+29.0% per year) and Turkey (+11.2% per year).

In value terms, the United States ($X) constituted the largest supplier of cobalt to South Africa, comprising 85% of total imports. The second position in the ranking was held by Belgium ($X), with a 7.2% share of total imports. It was followed by Germany, with a 5.8% share.

From 2012 to 2021, the average annual growth rate of value from the United States amounted to -9.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (+25.5% per year) and Germany (-16.0% per year).

Import Prices by Country

The average cobalt import price stood at $X per ton in 2021, rising by 79% against the previous year. Overall, the import price recorded a buoyant increase. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Democratic Republic of the Congo (+51.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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