Price for Chromium Oxides and Hydroxides in Nigeria - 2022

Price for Chromium Oxides and Hydroxides in Nigeria (CIF) - 2022

The average chromium oxides and hydroxides import price stood at $2,658 per ton in 2022, growing by 5% against the previous year. In general, the import price, however, showed a pronounced decline. The most prominent rate of growth was recorded in 2014 an increase of 20%. As a result, import price reached the peak level of $5,481 per ton. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was Italy ($14,993 per ton), while the price for Turkey ($1,199 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+10.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Chromium Oxides and Hydroxides in Nigeria (FOB) - 2022

In 2022, the average chromium oxides and hydroxides export price amounted to $377 per ton, declining by -4.8% against the previous year. In general, export price indicated pronounced growth from 2012 to 2022: its price increased at an average annual rate of +3.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, chromium oxides and hydroxides export price increased by +60.5% against 2016 indices. The most prominent rate of growth was recorded in 2019 when the average export price increased by 11% against the previous year. Over the period under review, the average export prices reached the peak figure at $396 per ton in 2021, and then declined slightly in the following year.

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

From 2012 to 2022, the rate of growth in terms of prices for Niger amounted to +3.2% per year.

Imports of Chromium Oxides and Hydroxides in Nigeria

In 2022, overseas purchases of chromium oxides and hydroxideses decreased by -37.4% to 31 tons for the first time since 2018, thus ending a three-year rising trend. Overall, imports, however, posted a significant increase. The most prominent rate of growth was recorded in 2021 when imports increased by 199% against the previous year. As a result, imports reached the peak of 49 tons, and then contracted remarkably in the following year.

In value terms, chromium oxides and hydroxides imports dropped remarkably to $82K in 2022. Over the period under review, imports, however, showed a significant increase. The most prominent rate of growth was recorded in 2021 when imports increased by 218% against the previous year. As a result, imports attained the peak of $124K, and then dropped dramatically in the following year.

Import of Chromium Oxides and Hydroxides in Nigeria (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Turkey	9.8	9.0	37.0	24.3	35.4%
Italy	3.0	7.5	22.1	12.5	60.9%
United States	4.4	4.1	17.0	11.4	37.3%
China	3.1	3.5	15.9	9.0	42.7%
India	5.9	2.8	6.3	6.1	1.1%
Netherlands	3.2	2.6	9.9	5.6	20.5%
United Kingdom	0.9	1.0	4.7	5.2	79.4%
Others	7.4	8.5	11.2	7.7	1.3%
Total	37.5	39.0	124	81.6	29.6%

Top Suppliers of Chromium Oxides and Hydroxides to Nigeria in 2022:

Turkey (20.2 tons)
United States (3.4 tons)
China (2.0 tons)
Netherlands (1.4 tons)
India (1.1 tons)
United Kingdom (0.9 tons)
Italy (0.8 tons)

Exports of Chromium Oxides and Hydroxides in Nigeria

After three years of growth, shipments abroad of chromium oxides and hydroxideses decreased by -4.7% to 1.6 tons in 2022. The total export volume increased at an average annual rate of +5.1% over the period from 2019 to 2022; the trend pattern remained consistent, with only minor fluctuations throughout the analyzed period. The pace of growth was the most pronounced in 2021 when exports increased by 10% against the previous year. As a result, the exports reached the peak of 1.6 tons, and then contracted modestly in the following year.

In value terms, chromium oxides and hydroxides exports reduced to $590 in 2022. The total export value increased at an average annual rate of +10.9% over the period from 2019 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2021 with an increase of 23% against the previous year. As a result, the exports reached the peak of $650, and then declined in the following year.