Price for Cobalt Ores and Concentrates in Nigeria - 2022

Price for Cobalt Ores and Concentrates in Nigeria (FOB) - 2022

In 2022, the average cobalt ores and concentrates export price amounted to $20,223 per ton, which is down by -10.2% against the previous year. Overall, the export price continues to indicate a abrupt downturn. The export price peaked at $70,308 per ton in 2012; however, from 2013 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for China.

From 2012 to 2022, the rate of growth in terms of prices for China amounted to -11.7% per year.

Exports of Cobalt Ores and Concentrates in Nigeria

After three years of growth, overseas shipments of cobalt ores and concentrateses decreased by -44.3% to 8.9 tons in 2022. Over the period under review, exports, however, recorded a remarkable increase. The most prominent rate of growth was recorded in 2021 with an increase of 84%. As a result, the exports attained the peak of 16 tons, and then shrank remarkably in the following year.

In value terms, cobalt ores and concentrates exports dropped rapidly to $181K in 2022. Overall, exports showed a noticeable slump. The most prominent rate of growth was recorded in 2021 when exports increased by 47% against the previous year. As a result, the exports reached the peak of $362K, and then fell notably in the following year.