Eastern Europe: Cobalt Market 2022

Cobalt Market Size in Eastern Europe

In 2021, the East European cobalt market increased by 92% to $X, rising for the fourth consecutive year after three years of decline. Over the period under review, consumption, however, continues to indicate a noticeable descent. Over the period under review, the market hit record highs at $X in 2012; however, from 2013 to 2021, consumption remained at a lower figure.

Cobalt Production in Eastern Europe

In value terms, cobalt production surged to $X in 2021 estimated in export price. Overall, production saw a deep reduction. The pace of growth was the most pronounced in 2018 when the production volume increased by 171% against the previous year. As a result, production attained the peak level of $X. From 2019 to 2021, production growth remained at a lower figure.

Cobalt Exports

Exports in Eastern Europe

In 2021, approx. X tons of cobalt were exported in Eastern Europe; waning by -49.3% compared with 2020. In general, exports, however, showed prominent growth. The most prominent rate of growth was recorded in 2020 with an increase of 66% against the previous year. As a result, the exports attained the peak of X tons, and then shrank markedly in the following year.

In value terms, cobalt exports declined to $X in 2021. Overall, exports, however, enjoyed strong growth. The growth pace was the most rapid in 2018 when exports increased by 228% against the previous year. As a result, the exports reached the peak of $X. From 2019 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Russia dominates exports structure, finishing at X tons, which was approx. 93% of total exports in 2021. The following exporters - Hungary (X tons) and the Czech Republic (X tons) - together made up 4.8% of total exports.

Exports from Russia increased at an average annual rate of +8.5% from 2012 to 2021. At the same time, Hungary (+33.2%) and the Czech Republic (+14.5%) displayed positive paces of growth. Moreover, Hungary emerged as the fastest-growing exporter exported in Eastern Europe, with a CAGR of +33.2% from 2012-2021. Hungary (+2.6 p.p.) significantly strengthened its position in terms of the total exports, while Russia saw its share reduced by -3.7% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Russia ($X) remains the largest cobalt supplier in Eastern Europe, comprising 90% of total exports. The second position in the ranking was taken by the Czech Republic ($X), with a 4.3% share of total exports.

In Russia, cobalt exports expanded at an average annual rate of +5.1% over the period from 2012-2021. In the other countries, the average annual rates were as follows: the Czech Republic (+24.6% per year) and Hungary (+11.2% per year).

Export Prices by Country

In 2021, the export price in Eastern Europe amounted to $X per ton, surging by 86% against the previous year. In general, the export price, however, continues to indicate a pronounced decrease. The growth pace was the most rapid in 2018 when the export price increased by 160% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2019 to 2021, the export prices remained at a lower figure.

Prices varied noticeably country of origin: the country with the highest price was the Czech Republic ($X per ton), while Hungary ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the Czech Republic (+8.7%), while the other leaders experienced a decline in the export price figures.

Cobalt Imports

Imports in Eastern Europe

In 2021, the amount of cobalt imported in Eastern Europe surged to X tons, jumping by 25% compared with the year before. Total imports indicated a buoyant increase from 2012 to 2021: its volume increased at an average annual rate of +5.8% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +17.7% against 2014 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 42% against the previous year. The volume of import peaked in 2021 and is expected to retain growth in years to come.

In value terms, cobalt imports rose markedly to $X in 2021. Overall, imports showed a strong increase. The pace of growth appeared the most rapid in 2014 when imports increased by 22% against the previous year. Over the period under review, imports reached the maximum in 2021 and are expected to retain growth in the near future.

Imports by Country

In 2021, Russia (X tons), the Czech Republic (X tons) and Slovakia (X tons) represented the main importer of cobalt in Eastern Europe, committing 65% of total import. Ukraine (X tons) ranks next in terms of the total imports with a 9.7% share, followed by Hungary (6.9%), Lithuania (5.1%), Poland (5.1%) and Romania (4.6%).

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Lithuania (with a CAGR of +42.2%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Slovakia ($X), Russia ($X) and Hungary ($X) constituted the countries with the highest levels of imports in 2021, with a combined 68% share of total imports.

Slovakia, with a CAGR of +32.4%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Eastern Europe stood at $X per ton in 2021, declining by -9.3% against the previous year. Import price indicated buoyant growth from 2012 to 2021: its price increased at an average annual rate of +5.3% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, cobalt import price increased by +89.8% against 2014 indices. The pace of growth appeared the most rapid in 2020 an increase of 22% against the previous year. As a result, import price reached the peak level of $X per ton, and then reduced in the following year.

Prices varied noticeably country of destination: the country with the highest price was Slovakia ($X per ton), while Lithuania ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Slovakia (+11.2%), while the other leaders experienced more modest paces of growth.

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Source: IndexBox Platform

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