Eastern Europe: Cobalt Market 2024

Cobalt Market Size in Eastern Europe

The East European cobalt market shrank to $X in 2023, dropping by X% against the previous year. In general, consumption, however, recorded resilient growth. The level of consumption peaked at $X in 2020; however, from 2021 to 2023, consumption failed to regain momentum.

Cobalt Production in Eastern Europe

In value terms, cobalt production soared to $X in 2023 estimated in export price. Overall, production saw a mild downturn. The pace of growth appeared the most rapid in 2021 when the production volume increased by X%. Over the period under review, production attained the peak level at $X in 2017; however, from 2018 to 2023, production failed to regain momentum.

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Cobalt Exports

Exports in Eastern Europe

Cobalt exports fell modestly to X tons in 2023, with a decrease of X% against the year before. Over the period under review, exports, however, continue to indicate strong growth. The most prominent rate of growth was recorded in 2018 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2019 to 2023, the growth of the exports remained at a lower figure.

In value terms, cobalt exports dropped dramatically to $X in 2023. In general, exports, however, posted a strong expansion. The pace of growth was the most pronounced in 2017 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2022, and then fell rapidly in the following year.

Exports by Country

The biggest shipments were from Russia (X tons), together amounting to X% of total export.

Russia was also the fastest-growing in terms of the cobalt exports, with a CAGR of X% from 2012 to 2023. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Russia ($X) also remains the largest cobalt supplier in Eastern Europe.

From 2012 to 2023, the average annual rate of growth in terms of value in Russia amounted to X%.

Export Prices by Country

In 2023, the export price in Eastern Europe amounted to $X per ton, declining by X% against the previous year. Overall, the export price, however, saw measured growth. The pace of growth appeared the most rapid in 2016 when the export price increased by X% against the previous year. Over the period under review, the export prices hit record highs at $X per ton in 2022, and then reduced rapidly in the following year.

As there is only one major export destination, the average price level is determined by prices for Russia.

From 2012 to 2023, the rate of growth in terms of prices for Russia amounted to X% per year.

Cobalt Imports

Imports in Eastern Europe

In 2023, the amount of cobalt imported in Eastern Europe skyrocketed to X tons, picking up by X% against 2022 figures. In general, imports recorded resilient growth. The pace of growth was the most pronounced in 2022 when imports increased by X%. The volume of import peaked in 2023 and is likely to see steady growth in the immediate term.

In value terms, cobalt imports skyrocketed to $X in 2023. Overall, imports recorded a strong expansion. The most prominent rate of growth was recorded in 2022 with an increase of X% against the previous year. Over the period under review, imports attained the peak figure in 2023 and are expected to retain growth in the immediate term.

Imports by Country

Russia dominates imports structure, accounting for X tons, which was near X% of total imports in 2023. It was distantly followed by the Czech Republic (X tons), committing a X% share of total imports. The following importers - Hungary (X tons), Romania (X tons), Estonia (X tons), Ukraine (X tons) and Poland (X tons) - each accounted for a X% share of total imports.

From 2012 to 2023, average annual rates of growth with regard to cobalt imports into Russia stood at X%. At the same time, Estonia (X%), Romania (X%), the Czech Republic (X%) and Hungary (X%) displayed positive paces of growth. Moreover, Estonia emerged as the fastest-growing importer imported in Eastern Europe, with a CAGR of X% from 2012-2023. By contrast, Ukraine (X%) and Poland (X%) illustrated a downward trend over the same period. While the share of Russia (X p.p.) and Estonia (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Hungary (X p.p.), the Czech Republic (X p.p.), Ukraine (X p.p.) and Poland (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Russia ($X) constitutes the largest market for imported cobalt in Eastern Europe, comprising X% of total imports. The second position in the ranking was held by the Czech Republic ($X), with a X% share of total imports. It was followed by Romania, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Russia totaled X%. The remaining importing countries recorded the following average annual rates of imports growth: the Czech Republic (X% per year) and Romania (X% per year).

Import Prices by Country

The import price in Eastern Europe stood at $X per ton in 2023, with an increase of X% against the previous year. Import price indicated moderate growth from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, cobalt import price increased by X% against 2021 indices. The growth pace was the most rapid in 2017 an increase of X%. Over the period under review, import prices attained the maximum at $X per ton in 2018; however, from 2019 to 2023, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Romania ($X per ton), while Estonia ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Poland (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform