Europe: Cobalt Ore Market 2024

Cobalt Ore Market Size in Europe

The Europe cobalt ore market rose to $X in 2023, growing by X% against the previous year. The market value increased at an average annual rate of X% over the period from 2012 to 2023; however, the trend pattern remained relatively stable, with only minor fluctuations being observed in certain years. Over the period under review, the market attained the maximum level at $X in 2021; however, from 2022 to 2023, consumption remained at a lower figure.

Cobalt Ore Production in Europe

In value terms, cobalt ore production surged to $X in 2023 estimated in export price. Over the period under review, production, however, saw a sharp slump. The most prominent rate of growth was recorded in 2019 when the production volume increased by X%. The level of production peaked at $X.2B in 2012; however, from 2013 to 2023, production remained at a lower figure.

Cobalt Ore Exports

Exports in Europe

In 2023, shipments abroad of cobalt ores increased by X% to X tons, rising for the third consecutive year after three years of decline. In general, exports, however, recorded a pronounced shrinkage. The pace of growth was the most pronounced in 2022 when exports increased by X%. Over the period under review, the exports attained the maximum at X tons in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

In value terms, cobalt ore exports fell markedly to $X in 2023. Over the period under review, exports, however, continue to indicate a deep setback. The pace of growth appeared the most rapid in 2021 with an increase of X%. The level of export peaked at $X in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

Exports by Country

Italy (X tons) and Austria (X tons) were the largest exporters of cobalt ores in 2023, resulting at near X% and X% of total exports, respectively. It was distantly followed by Belgium (X tons), committing a X% share of total exports. Germany (X tons) took a relatively small share of total exports.

From 2012 to 2023, the biggest increases were recorded for Italy (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest cobalt ore supplying countries in Europe were Austria ($X), Italy ($X) and Germany ($X), together comprising X% of total exports.

Germany, with a CAGR of X%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the export price in Europe amounted to $X per ton, dropping by X% against the previous year. Over the period under review, the export price showed a slight curtailment. The pace of growth appeared the most rapid in 2017 when the export price increased by X%. Over the period under review, the export prices reached the maximum at $X per ton in 2018; however, from 2019 to 2023, the export prices stood 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 Germany ($X per ton), while Belgium ($X per ton) was amongst the lowest.

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

Cobalt Ore Imports

Imports in Europe

In 2023, overseas purchases of cobalt ores increased by X% to X tons, rising for the third year in a row after three years of decline. Over the period under review, imports, however, saw a abrupt setback. The growth pace was the most rapid in 2021 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at X tons in 2012; however, from 2013 to 2023, imports failed to regain momentum.

In value terms, cobalt ore imports dropped remarkably to $X in 2023. In general, imports, however, continue to indicate a abrupt curtailment. The most prominent rate of growth was recorded in 2021 when imports increased by X%. The level of import peaked at $X in 2012; however, from 2013 to 2023, imports failed to regain momentum.

Imports by Country

Finland dominates imports structure, resulting at X tons, which was approx. X% of total imports in 2023. The following importers - Italy (X tons), the Netherlands (X tons), Germany (X tons) and Belgium (X tons) - together made up X% of total imports.

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

In value terms, Finland ($X) constitutes the largest market for imported cobalt ores in Europe, comprising X% of total imports. The second position in the ranking was held by Italy ($X), with an X% share of total imports. It was followed by Belgium, with a X% share.

In Finland, cobalt ore imports shrank by an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Italy (X% per year) and Belgium (X% per year).

Import Prices by Country

The import price in Europe stood at $X per ton in 2023, which is down by X% against the previous year. Overall, the import price, however, enjoyed a moderate increase. The pace of growth appeared the most rapid in 2018 an increase of X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2023, the import prices failed to regain momentum.

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

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

Source: IndexBox Platform