China: Cobalt Market 2024

Cobalt Market Size in China

In 2023, after three years of growth, there was significant decline in the Chinese cobalt market, when its value decreased by X% to $X. Overall, consumption posted a prominent expansion. Cobalt consumption peaked at $X in 2022, and then dropped significantly in the following year.

Cobalt Production in China

In value terms, cobalt production rose significantly to $X in 2023 estimated in export price. Overall, production continues to indicate prominent growth. The pace of growth was the most pronounced in 2017 when the production volume increased by X%. Over the period under review, production reached the peak level at $X in 2018; however, from 2019 to 2023, production remained at a lower figure.

Join Us at HANNOVER MESSE 2024

Don’t miss your chance to connect with us directly. Schedule a personal meeting to dive deeper into how solutions.
Hall 002, Stand C10. 22 - 26 April 2024 | Hannover, Germany

Book Your Meeting

Cobalt Exports

Exports from China

In 2023, overseas shipments of cobalt increased by X% to X tons, rising for the third year in a row after two years of decline. Overall, exports enjoyed a perceptible increase. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2018; however, from 2019 to 2023, the exports stood at a somewhat lower figure.

In value terms, cobalt exports shrank remarkably to $X in 2023. Over the period under review, exports continue to indicate a measured increase. The growth pace was the most rapid in 2017 with an increase of X%. Over the period under review, the exports attained the peak figure at $X in 2018; however, from 2019 to 2023, the exports remained at a lower figure.

Exports by Country

The Netherlands (X tons) was the main destination for cobalt exports from China, with a X% share of total exports. Moreover, cobalt exports to the Netherlands exceeded the volume sent to the second major destination, Russia (X tons), fourfold. The third position in this ranking was taken by Japan (X tons), with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of volume to the Netherlands totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (X% per year) and Japan (X% per year).

In value terms, the Netherlands ($X) remains the key foreign market for cobalt exports from China, comprising X% of total exports. The second position in the ranking was taken by Russia ($X), with an X% share of total exports. It was followed by Japan, with a X% share.

From 2012 to 2023, the average annual growth rate of value to the Netherlands stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Russia (X% per year) and Japan (X% per year).

Export Prices by Country

The average cobalt export price stood at $X per ton in 2023, declining by X% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 when the average export price increased by X% against the previous year. The export price peaked at $X per ton in 2022, and then reduced dramatically in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Singapore ($X per ton), while the average price for exports to the United States ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Singapore (X%), while the prices for the other major destinations experienced more modest paces of growth.

Cobalt Imports

Imports into China

In 2023, the amount of cobalt imported into China expanded markedly to X tons, with an increase of X% on the previous year's figure. In general, imports continue to indicate prominent growth. The growth pace was the most rapid in 2018 with an increase of X%. As a result, imports reached the peak of X tons. From 2019 to 2023, the growth of imports failed to regain momentum.

In value terms, cobalt imports dropped significantly to $X in 2023. Overall, imports continue to indicate strong growth. The pace of growth appeared the most rapid in 2017 with an increase of X%. Over the period under review, imports hit record highs at $X in 2022, and then declined remarkably in the following year.

Imports by Country

In 2023, Russia (X tons) constituted the largest supplier of cobalt to China, with a X% share of total imports. Moreover, cobalt imports from Russia exceeded the figures recorded by the second-largest supplier, Canada (X tons), fourfold. The third position in this ranking was held by Japan (X tons), with a X% share.

From 2012 to 2023, the average annual growth rate of volume from Russia amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Canada (X% per year) and Japan (X% per year).

In value terms, Canada ($X), Russia ($X) and Japan ($X) appeared to be the largest cobalt suppliers to China, together accounting for X% of total imports.

Russia, with a CAGR of X%, saw the highest rates of growth with regard to the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the average cobalt import price amounted to $X per ton, reducing by X% against the previous year. Overall, the import price, however, continues to indicate modest growth. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. The import price peaked at $X per ton in 2022, and then contracted dramatically in the following year.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Japan (X%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform