Sri Lanka: Cobalt Market 2022

Cobalt Market Size in Sri Lanka

The Sri Lankan cobalt market surged to $X in 2021, increasing by 378% against the previous year. In general, consumption, however, continues to indicate a deep reduction. Over the period under review, the market attained the maximum level at $X in 2012; however, from 2013 to 2021, consumption stood at a somewhat lower figure.

Cobalt Production in Sri Lanka

In value terms, cobalt production expanded sharply to $X in 2021 estimated in export price. Overall, the total production indicated a prominent increase from 2012 to 2021: its value increased at an average annual rate of +6.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -9.9% against 2019 indices. The growth pace was the most rapid in 2017 with an increase of 48% against the previous year. Over the period under review, production reached the maximum level at $X in 2019; however, from 2020 to 2021, production stood at a somewhat lower figure.

Cobalt Exports

Exports from Sri Lanka

In 2021, cobalt exports from Sri Lanka plummeted to X kg, waning by -76.7% on the year before. In general, exports showed a abrupt contraction. The pace of growth appeared the most rapid in 2015 with an increase of 593% against the previous year. The exports peaked at X kg in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, cobalt exports contracted notably to $X in 2021. Over the period under review, exports saw a noticeable shrinkage. The most prominent rate of growth was recorded in 2015 when exports increased by 324%. The exports peaked at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

India (X kg) and China (X kg) were the main destinations of cobalt exports from Sri Lanka.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by China (with a CAGR of +39.5%).

In value terms, China ($X), India ($X) and Brazil ($X) were the largest markets for cobalt exported from Sri Lanka worldwide, with a combined 99% share of total exports.

In terms of the main countries of destination, China, with a CAGR of +41.3%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2021, the average cobalt export price amounted to $X per ton, growing by 53% against the previous year. Overall, the export price recorded a strong expansion. The most prominent rate of growth was recorded in 2017 an increase of 123% against the previous year. The export price peaked in 2021 and is likely to continue growth in the immediate term.

Average prices varied noticeably for the major export markets. In 2021, the country with the highest price was China ($X per ton), while the average price for exports to India totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to India (+15.8%), while the prices for the other major destinations experienced mixed trend patterns.

Cobalt Imports

Imports into Sri Lanka

In 2021, the amount of cobalt imported into Sri Lanka skyrocketed to X kg, growing by 169% against the previous year. Over the period under review, imports, however, saw a abrupt curtailment. The most prominent rate of growth was recorded in 2019 with an increase of 220%. Imports peaked at X tons in 2012; however, from 2013 to 2021, imports stood at a somewhat lower figure.

In value terms, cobalt imports skyrocketed to $X in 2021. In general, imports, however, continue to indicate a abrupt contraction. Imports peaked at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, Belgium (X kg) constituted the largest supplier of cobalt to Sri Lanka, with a 59% share of total imports. Moreover, cobalt imports from Belgium exceeded the figures recorded by the second-largest supplier, China (X kg), twofold. Germany (X kg) ranked third in terms of total imports with a 7.5% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Belgium stood at +16.9%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-20.9% per year) and Germany (-8.8% per year).

In value terms, Belgium ($X) constituted the largest supplier of cobalt to Sri Lanka, comprising 40% of total imports. The second position in the ranking was held by Germany ($X), with a 17% share of total imports. It was followed by the United States, with an 8.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Belgium totaled +9.1%. The remaining supplying countries recorded the following average annual rates of imports growth: Germany (-7.3% per year) and the United States (-20.7% per year).

Import Prices by Country

The average cobalt import price stood at $X per ton in 2021, rising by 5.9% against the previous year. Overall, the import price posted a tangible increase. The growth pace was the most rapid in 2018 when the average import price increased by 99% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the average import prices failed to regain momentum.

There were significant differences in the average prices amongst the major supplying countries. In 2021, the country with the highest price was Switzerland ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Switzerland (+76.9%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform