Luxembourg: Cobalt Market 2022

Cobalt Market Size in Luxembourg

In 2021, the Luxembourg cobalt market decreased by -12.2% to $X for the first time since 2018, thus ending a two-year rising trend. Overall, consumption, however, posted prominent growth. Over the period under review, the market hit record highs at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Cobalt Production in Luxembourg

In value terms, cobalt production dropped to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.7% over the period from 2012 to 2021; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when the production volume increased by 42%. As a result, production attained the peak level of $X, and then reduced in the following year.

Cobalt Exports

Exports from Luxembourg

In 2021, overseas shipments of cobalt were finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Over the period under review, exports, however, showed a dramatic slump. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, cobalt exports surged to $X in 2021. Overall, exports, however, continue to indicate a dramatic slump. Over the period under review, the exports hit record highs at $X in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

Exports by Country

Germany (X tons) was the main destination for cobalt exports from Luxembourg, accounting for a 71% share of total exports. Moreover, cobalt exports to Germany exceeded the volume sent to the second major destination, the Netherlands (X kg), twofold.

From 2012 to 2021, the average annual growth rate of volume to Germany totaled +21.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Netherlands (-35.6% per year) and Bulgaria (-46.5% per year).

In value terms, Germany ($X), the Netherlands ($X) and Bulgaria ($X) constituted the largest markets for cobalt exported from Luxembourg worldwide.

In terms of the main countries of destination, Germany, with a CAGR of +20.7%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline.

Export Prices by Country

In 2021, the average cobalt export price amounted to $X per ton, declining by -30.8% against the previous year. In general, the export price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 an increase of 92% against the previous year. As a result, the export price reached the peak level of $X per ton, and then dropped markedly in the following year.

There were significant differences in the average prices for the major export markets. In 2021, the country with the highest price was Bulgaria ($X per ton), while the average price for exports to Germany ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Bulgaria (+3.6%), while the prices for the other major destinations experienced mixed trend patterns.

Cobalt Imports

Imports into Luxembourg

In 2021, after two years of decline, there was significant growth in purchases abroad of cobalt, when their volume increased by 20% to X tons. In general, imports, however, recorded a dramatic descent. The most prominent rate of growth was recorded in 2018 when imports increased by 245% against the previous year. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports remained at a lower figure.

In value terms, cobalt imports skyrocketed to $X in 2021. Over the period under review, imports, however, continue to indicate a dramatic decrease. The pace of growth was the most pronounced in 2018 with an increase of 242% against the previous year. As a result, imports attained the peak of $X. From 2019 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, France (X tons) constituted the largest supplier of cobalt to Luxembourg, accounting for a 55% share of total imports. Moreover, cobalt imports from France exceeded the figures recorded by the second-largest supplier, the Netherlands (X tons), twofold. Germany (X kg) ranked third in terms of total imports with a 14% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from France stood at -26.8%. The remaining supplying countries recorded the following average annual rates of imports growth: the Netherlands (+14.4% per year) and Germany (-1.2% per year).

In value terms, France ($X), Germany ($X) and the Netherlands ($X) constituted the largest cobalt suppliers to Luxembourg, with a combined 95% share of total imports.

The Netherlands, with a CAGR of +69.8%, saw the highest growth rate of 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

The average cobalt import price stood at $X per ton in 2021, rising by 24% against the previous year. Over the period under review, the import price showed a prominent increase. The pace of growth was the most pronounced in 2019 when the average import price increased by 51% against the previous year. The import price peaked in 2021 and is likely to see gradual growth in the near future.

Prices varied noticeably country of origin: the country with the highest price was Canada ($X per ton), while the price for the Netherlands ($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 Netherlands (+48.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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