MENA: Cobalt Market 2024

Cobalt Market Size in MENA

In 2023, the MENA's cobalt market decreased by X% to $X for the first time since 2019, thus ending a three-year rising trend. Over the period under review, consumption, however, showed a significant expansion. As a result, consumption attained the peak level of $X, and then fell in the following year.

Cobalt Production in MENA

In value terms, cobalt production shrank slightly to $X in 2023 estimated in export price. Overall, production, however, enjoyed a remarkable increase. The growth pace was the most rapid in 2020 when the production volume increased by X% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2023, production growth failed to regain momentum.

Cobalt Exports

Exports in MENA

In 2023, after two years of decline, there was growth in overseas shipments of cobalt, when their volume increased by X% to X tons. Overall, exports showed a resilient increase. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. As a result, the exports reached the peak of X tons. From 2021 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, cobalt exports reduced to $X in 2023. Over the period under review, exports showed strong growth. The growth pace was the most rapid in 2017 with an increase of X%. Over the period under review, the exports reached the peak figure at $X in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Morocco represented the largest exporter of cobalt in MENA, with the volume of exports recording X tons, which was approx. X% of total exports in 2023. It was distantly followed by Turkey (X tons), generating a X% share of total exports.

Exports from Morocco increased at an average annual rate of X% from 2012 to 2023. At the same time, Turkey (X%) displayed positive paces of growth. Moreover, Turkey emerged as the fastest-growing exporter exported in MENA, with a CAGR of X% from 2012-2023. Turkey (X p.p.) significantly strengthened its position in terms of the total exports, while Morocco saw its share reduced by X% from 2012 to 2023, respectively.

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

From 2012 to 2023, the average annual growth rate of value in Morocco totaled X%.

Export Prices by Country

The export price in MENA stood at $X per ton in 2023, with a decrease of X% against the previous year. Overall, the export price, however, enjoyed a moderate expansion. The most prominent rate of growth was recorded in 2021 an increase of X%. The level of export peaked at $X per ton in 2022, and then shrank in the following year.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Turkey ($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 Turkey (X%).

Cobalt Imports

Imports in MENA

In 2023, after two years of growth, there was significant decline in purchases abroad of cobalt, when their volume decreased by X% to X tons. Overall, imports, however, enjoyed strong growth. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. Over the period under review, imports reached the maximum at X tons in 2022, and then fell markedly in the following year.

In value terms, cobalt imports declined sharply to $X in 2023. Over the period under review, imports, however, showed strong growth. The pace of growth was the most pronounced in 2022 when imports increased by X%. As a result, imports reached the peak of $X, and then fell rapidly in the following year.

Imports by Country

Turkey was the major importer of cobalt in MENA, with the volume of imports amounting to X tons, which was near X% of total imports in 2023. It was distantly followed by Iran (X tons) and Israel (X tons), together mixing up a X% share of total imports. The United Arab Emirates (X tons) held a relatively small share of total imports.

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

In value terms, Turkey ($X) constitutes the largest market for imported cobalt in MENA, comprising X% of total imports. The second position in the ranking was taken by Israel ($X), with a X% share of total imports. It was followed by Iran, with a X% share.

In Turkey, cobalt imports expanded at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Israel (X% per year) and Iran (X% per year).

Import Prices by Country

In 2023, the import price in MENA amounted to $X per ton, shrinking by X% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 when the import price increased by X%. The level of import peaked at $X per ton in 2018; however, from 2019 to 2023, 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 ($X per ton), while Turkey ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform