Asia-Pacific: Cobalt Ore Market 2024

Cobalt Ore Market Size in Asia-Pacific

The Asia-Pacific cobalt ore market declined modestly to $X in 2023, which is down by X% against the previous year. Over the period under review, consumption, however, recorded a slight shrinkage. Over the period under review, the market reached the maximum level at $X in 2014; however, from 2015 to 2023, consumption stood at a somewhat lower figure.

Cobalt Ore Production in Asia-Pacific

In value terms, cobalt ore production shrank rapidly to $X in 2023 estimated in export price. Overall, production posted a resilient expansion. The growth pace was the most rapid in 2019 with an increase of X%. Over the period under review, production attained the maximum level at $X in 2020; however, from 2021 to 2023, production failed to regain momentum.

Cobalt Ore Exports

Exports in Asia-Pacific

Cobalt ore exports soared to X tons in 2023, growing by X% against the year before. Over the period under review, exports, however, continue to indicate a pronounced decrease. The volume of export peaked at X tons in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

In value terms, cobalt ore exports soared to $X in 2023. In general, exports, however, showed a abrupt downturn. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Malaysia represented the main exporting country with an export of around X tons, which amounted to X% of total exports. It was distantly followed by Hong Kong SAR (X tons), making up a X% share of total exports. South Korea (X tons) took a little share of total exports.

Malaysia was also the fastest-growing in terms of the cobalt ores exports, with a CAGR of X% from 2012 to 2023. At the same time, South Korea (X%) displayed positive paces of growth. By contrast, Hong Kong SAR (X%) illustrated a downward trend over the same period. While the share of Malaysia (X p.p.) and South Korea (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Hong Kong SAR (X p.p.) displayed negative dynamics.

In value terms, Malaysia ($X) emerged as the largest cobalt ore supplier in Asia-Pacific, comprising X% of total exports. The second position in the ranking was taken by Hong Kong SAR ($X), with a X% share of total exports.

In Malaysia, cobalt ore exports expanded at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Hong Kong SAR (X% per year) and South Korea (X% per year).

Export Prices by Country

The export price in Asia-Pacific stood at $X per ton in 2023, with a decrease of X% against the previous year. Over the period under review, the export price saw a noticeable setback. The pace of growth was the most pronounced in 2013 an increase of X%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2023, the export prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was South Korea ($X per ton), while Malaysia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by South Korea (X%), while the other leaders experienced a decline in the export price figures.

Cobalt Ore Imports

Imports in Asia-Pacific

In 2023, imports of cobalt ores in Asia-Pacific shrank remarkably to X tons, declining by X% on 2022 figures. Over the period under review, imports showed a abrupt curtailment. The most prominent rate of growth was recorded in 2018 with an increase of X%. Over the period under review, imports hit record highs at X tons in 2015; however, from 2016 to 2023, imports stood at a somewhat lower figure.

In value terms, cobalt ore imports shrank notably to $X in 2023. In general, imports showed a abrupt slump. The growth pace was the most rapid in 2018 when imports increased by X% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2023, the growth of imports remained at a lower figure.

Imports by Country

China dominates imports structure, amounting to X tons, which was near X% of total imports in 2023. The following importers - Taiwan (Chinese) (X tons) and Hong Kong SAR (X tons) - each recorded a X% share of total imports.

Imports into China decreased at an average annual rate of X% from 2012 to 2023. At the same time, Taiwan (Chinese) (X%) and Hong Kong SAR (X%) displayed positive paces of growth. Moreover, Taiwan (Chinese) emerged as the fastest-growing importer imported in Asia-Pacific, with a CAGR of X% from 2012-2023. Taiwan (Chinese) (X p.p.) and Hong Kong SAR (X p.p.) significantly strengthened its position in terms of the total imports, while China saw its share reduced by X% from 2012 to 2023, respectively.

In value terms, China ($X) constitutes the largest market for imported cobalt ores in Asia-Pacific, comprising X% of total imports. The second position in the ranking was held by Taiwan (Chinese) ($X), with a X% share of total imports.

From 2012 to 2023, the average annual rate of growth in terms of value in China totaled X%. In the other countries, the average annual rates were as follows: Taiwan (Chinese) (X% per year) and Hong Kong SAR (X% per year).

Import Prices by Country

In 2023, the import price in Asia-Pacific amounted to $X per ton, reducing by X% against the previous year. In general, the import price, however, saw a temperate increase. The most prominent rate of growth was recorded in 2021 when the import price increased by X% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2022, and then contracted notably in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Taiwan (Chinese) ($X per ton), while Hong Kong SAR ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Hong Kong SAR (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform