MENA: Cobalt Ore Market 2024

Cobalt Ore Market Size in MENA

The MENA's cobalt ore market rose to $X in 2023, picking up by X% against the previous year. The total consumption indicated tangible growth from 2012 to 2023: its value 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, consumption decreased by X% against 2021 indices. The level of consumption peaked at $X in 2021; afterwards, it flattened through to 2023.

Cobalt Ore Production in MENA

In value terms, cobalt ore production rose rapidly to $X in 2023 estimated in export price. Over the period under review, production continues to indicate a tangible increase. The pace of growth was the most pronounced in 2017 when the production volume increased by X%. The level of production peaked at $X in 2019; however, from 2020 to 2023, production stood at a somewhat lower figure.

Cobalt Ore Exports

Exports in MENA

In 2023, overseas shipments of cobalt ores were finally on the rise to reach X tons after five years of decline. Overall, exports continue to indicate a mild increase. The most prominent rate of growth was recorded in 2013 with an increase of X%. As a result, the exports attained the peak of X tons. From 2014 to 2023, the growth of the exports remained at a lower figure.

In value terms, cobalt ore exports reduced remarkably to $X in 2023. In general, exports posted a resilient increase. The pace of growth was the most pronounced in 2013 with an increase of X% against the previous year. As a result, the exports reached the peak of $X. From 2014 to 2023, the growth of the exports remained at a lower figure.

Exports by Country

The United Arab Emirates represented the key exporter of cobalt ores in MENA, with the volume of exports accounting for X tons, which was approx. X% of total exports in 2023. It was distantly followed by Morocco (X kg), making up a X% share of total exports.

Exports from the United Arab Emirates increased at an average annual rate of X% from 2012 to 2023. At the same time, Morocco (X%) displayed positive paces of growth. Moreover, Morocco emerged as the fastest-growing exporter exported in MENA, with a CAGR of X% from 2012-2023. From 2012 to 2023, the share of Morocco and the United Arab Emirates increased by X and X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, the United Arab Emirates ($X) remains the largest cobalt ore supplier in MENA, comprising X% of total exports. The second position in the ranking was taken by Morocco ($X), with a X% share of total exports.

In the United Arab Emirates, cobalt ore exports expanded at an average annual rate of X% over the period from 2012-2023.

Export Prices by Country

In 2023, the export price in MENA amounted to $X per ton, declining by X% against the previous year. Overall, the export price, however, saw a moderate expansion. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, the export prices attained the maximum at $X per ton in 2022, and then shrank notably in the following year.

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 the United Arab Emirates ($X per ton), while Morocco totaled $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (X%).

Cobalt Ore Imports

Imports in MENA

In 2023, the amount of cobalt ores imported in MENA declined dramatically to X tons, falling by X% on the previous year. Overall, imports, however, recorded a significant increase. The pace of growth was the most pronounced in 2022 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2018; however, from 2019 to 2023, imports failed to regain momentum.

In value terms, cobalt ore imports fell sharply to $X in 2023. In general, imports, however, recorded significant growth. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. Over the period under review, imports hit record highs at $X in 2018; however, from 2019 to 2023, imports failed to regain momentum.

Imports by Country

Morocco represented the key importing country with an import of around X tons, which recorded X% of total imports. It was distantly followed by the United Arab Emirates (X tons), creating a X% share of total imports.

Morocco was also the fastest-growing in terms of the cobalt ores imports, with a CAGR of X% from 2012 to 2023. At the same time, the United Arab Emirates (X%) displayed positive paces of growth. From 2012 to 2023, the share of Morocco increased by X percentage points.

In value terms, the United Arab Emirates ($X) and Morocco ($X) appeared to be the countries with the highest levels of imports in 2023.

Among the main importing countries, Morocco, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review.

Import Prices by Country

In 2023, the import price in MENA amounted to $X per ton, which is down by X% against the previous year. In general, the import price saw a sharp descent. The growth pace was the most rapid in 2016 when the import price increased by X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2017 to 2023, the import prices failed to regain momentum.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while Morocco stood at $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Morocco (X%).

Source: IndexBox Platform