Japan: Cobalt Market 2024

Cobalt Market Size in Japan

In 2023, after two years of growth, there was significant decline in the Japanese cobalt market, when its value decreased by X% to $X. Over the period under review, consumption continues to indicate a perceptible descent. Over the period under review, the market hit record highs at $X in 2018; however, from 2019 to 2023, consumption stood at a somewhat lower figure.

Cobalt Production in Japan

In value terms, cobalt production expanded sharply to $X in 2023 estimated in export price. Over the period under review, production saw a measured increase. The pace of growth was the most pronounced in 2017 with an increase of X%. Over the period under review, production attained the maximum level at $X in 2018; however, from 2019 to 2023, production failed to regain momentum.

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Cobalt Exports

Exports from Japan

In 2023, overseas shipments of cobalt were finally on the rise to reach X tons after two years of decline. In general, exports continue to indicate resilient growth. The most prominent rate of growth was recorded in 2017 when exports increased by X%. Over the period under review, the exports reached the maximum at X tons in 2018; however, from 2019 to 2023, the exports stood at a somewhat lower figure.

In value terms, cobalt exports contracted sharply to $X in 2023. Overall, exports posted resilient growth. The most prominent rate of growth was recorded in 2017 with an increase of X%. The exports peaked at $X in 2018; however, from 2019 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

The United States (X tons), China (X tons) and Belgium (X tons) were the main destinations of cobalt exports from Japan, with a combined X% share of total exports. The Netherlands, South Korea, Australia and Canada lagged somewhat behind, together comprising a further X%.

From 2012 to 2023, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by the Netherlands (with a CAGR of X%), while the other leaders experienced more modest paces of growth.

In value terms, the largest markets for cobalt exported from Japan were the United States ($X), Belgium ($X) and China ($X), with a combined X% share of total exports. The Netherlands, South Korea, Australia and Canada lagged somewhat behind, together accounting for a further X%.

The Netherlands, with a CAGR of X%, saw the highest growth rate of the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2023, the average cobalt export price amounted to $X per ton, declining by X% against the previous year. Over the period under review, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 when the average export price increased by X% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2022, and then declined rapidly in the following year.

There were significant differences in the average prices for the major overseas markets. In 2023, amid the top suppliers, the country with the highest price was Belgium ($X per ton), while the average price for exports to Canada ($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 Belgium (X%), while the prices for the other major destinations experienced mixed trend patterns.

Cobalt Imports

Imports into Japan

Cobalt imports into Japan shrank dramatically to X tons in 2023, declining by X% on 2022. Over the period under review, imports recorded a noticeable curtailment. The pace of growth appeared the most rapid in 2017 with an increase of X% against the previous year. As a result, imports reached the peak of X tons. From 2018 to 2023, the growth of imports remained at a lower figure.

In value terms, cobalt imports fell markedly to $X in 2023. Overall, imports recorded a perceptible curtailment. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. Over the period under review, imports attained the peak figure at $X in 2018; however, from 2019 to 2023, imports failed to regain momentum.

Imports by Country

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

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

In value terms, Finland ($X) constituted the largest supplier of cobalt to Japan, comprising X% of total imports. The second position in the ranking was held by Madagascar ($X), with an X% share of total imports. It was followed by Canada, with a X% share.

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

Import Prices by Country

In 2023, the average cobalt import price amounted to $X per ton, falling by X% against the previous year. Overall, the import price, however, continues to indicate mild growth. The pace of growth was the most pronounced in 2017 an increase of X%. Over the period under review, average import prices hit record highs at $X per ton in 2018; however, from 2019 to 2023, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Madagascar ($X per ton), while the price for Morocco ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform