United Kingdom: Cobalt Market 2022

Cobalt Market Size in the UK

The UK cobalt market dropped to $X in 2021, with a decrease of -7.4% 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). Overall, consumption, however, continues to indicate a buoyant increase. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2021, consumption stood at a somewhat lower figure.

Cobalt Exports

Exports from the UK

In 2021, the amount of cobalt exported from the UK fell to X tons, dropping by -14.2% compared with the previous year. Over the period under review, exports, however, saw a resilient expansion. The pace of growth appeared the most rapid in 2018 when exports increased by 80%. As a result, the exports reached the peak of X tons. From 2019 to 2021, the growth of the exports remained at a somewhat lower figure.

In value terms, cobalt exports expanded notably to $X in 2021. Overall, exports, however, recorded resilient growth. The pace of growth appeared the most rapid in 2018 when exports increased by 35% against the previous year. Over the period under review, the exports hit record highs in 2021 and are expected to retain growth in the near future.

Exports by Country

The Netherlands (X tons), Germany (X tons) and Belgium (X tons) were the main destinations of cobalt exports from the UK, with a combined 50% share of total exports.

From 2012 to 2021, the biggest increases were in Belgium (with a CAGR of +63.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest markets for cobalt exported from the UK were Germany ($X), the Netherlands ($X) and Belgium ($X), together accounting for 51% of total exports. These countries were followed by Japan, the United States, China, France, Austria, India, Switzerland, Italy and South Korea, which together accounted for a further 39%.

Among the main countries of destination, China, with a CAGR of +52.5%, recorded 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

The average cobalt export price stood at $X per ton in 2021, growing by 28% against the previous year. Over the last nine years, it increased at an average annual rate of +2.2%. The most prominent rate of growth was recorded in 2017 when the average export price increased by 50% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2018 to 2021, the the average export prices remained at a somewhat lower figure.

Prices varied noticeably country of destination: the country with the highest price was Austria ($X per ton), while the average price for exports to France ($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 the United States (+9.5%), while the prices for the other major destinations experienced more modest paces of growth.

Cobalt Imports

Imports into the UK

In 2021, approx. X tons of cobalt were imported into the UK; falling by -10.3% on the year before. In general, imports, however, posted prominent growth. The pace of growth appeared the most rapid in 2013 with an increase of 183% against the previous year. Imports peaked at X tons in 2018; however, from 2019 to 2021, imports failed to regain momentum.

In value terms, cobalt imports reduced to $X in 2021. Over the period under review, imports, however, enjoyed buoyant growth. The growth pace was the most rapid in 2017 when imports increased by 107% against the previous year. Imports peaked at $X in 2018; however, from 2019 to 2021, imports failed to regain momentum.

Imports by Country

Turkey (X tons), the Netherlands (X tons) and Belgium (X tons) were the main suppliers of cobalt imports to the UK, together accounting for 72% of total imports.

From 2012 to 2021, the biggest increases were in Turkey (with a CAGR of +332.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the Netherlands ($X) constituted the largest supplier of cobalt to the UK, comprising 38% of total imports. The second position in the ranking was taken by Turkey ($X), with an 18% share of total imports. It was followed by Belgium, with a 9.3% share.

From 2012 to 2021, the average annual rate of growth in terms of value from the Netherlands amounted to +16.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+406.5% per year) and Belgium (+6.9% per year).

Import Prices by Country

In 2021, the average cobalt import price amounted to $X per ton, surging by 1.7% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of 40% 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 Mexico ($X per ton), while the price for Russia ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+17.1%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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