Price for Chain and Parts Thereof, of Iron or Steel in Nigeria - 2023
Contents:
- Price for Chain and Parts Thereof, of Iron or Steel in Nigeria (CIF) - 2022
- Price for Chain and Parts Thereof, of Iron or Steel in Nigeria (FOB) - 2022
- Imports of Chain and Parts Thereof, of Iron or Steel in Nigeria
- Exports of Chain and Parts Thereof, of Iron or Steel in Nigeria
Price for Chain and Parts Thereof, of Iron or Steel in Nigeria (CIF) - 2022
The average import price for chain and parts thereof, of iron or steel stood at $2,951 per ton in 2022, with a decrease of -7.8% against the previous year. In general, the import price, however, continues to indicate a pronounced expansion. The growth pace was the most rapid in 2014 an increase of 363% against the previous year. As a result, import price reached the peak level of $8,036 per ton. From 2015 to 2022, the average import prices failed to regain momentum.
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 Germany ($19,958 per ton), while the price for Turkey ($1,245 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+12.5%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Chain and Parts Thereof, of Iron or Steel in Nigeria (FOB) - 2022
The average export price for chain and parts thereof, of iron or steel stood at $2,000 per ton in 2022, picking up by 89% against the previous year. Over the period under review, the export price enjoyed a buoyant expansion. The growth pace was the most rapid in 2017 when the average export price increased by 136%. As a result, the export price reached the peak level of $5,633 per ton. From 2018 to 2022, the average export prices remained at a lower figure.
There were significant differences in the average prices for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the UK ($11,553 per ton), while the average price for exports to Niger ($733 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Kenya (+22.4%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Chain and Parts Thereof, of Iron or Steel in Nigeria
After two years of decline, supplies from abroad of chain and parts thereof, of iron or steel increased by 61% to 4.4K tons in 2022. In general, imports, however, continue to indicate a precipitous decline.
In value terms, imports of chain and parts thereof, of iron or steel surged to $13M in 2022. Overall, imports, however, saw a abrupt descent.
| Import of Chain and Parts Thereof, of Iron or Steel in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 15.3 | 3.4 | 2.5 | 4.9 | -31.6% |
| Germany | 2.3 | 2.6 | 1.8 | 2.5 | 2.8% |
| Italy | 0.9 | 1.1 | 0.6 | 1.2 | 10.1% |
| United States | 0.4 | 0.3 | 0.5 | 1.1 | 40.1% |
| United Kingdom | 1.0 | 1.2 | 0.7 | 0.8 | -7.2% |
| India | 0.3 | 0.5 | 0.6 | 0.6 | 26.0% |
| France | 1.2 | 0.2 | 0.6 | 0.4 | -30.7% |
| Spain | N/A | 1.9 | 0.1 | 0.2 | -67.6% |
| Turkey | 0.1 | 0.1 | N/A | 0.1 | 0.0% |
| Others | 3.5 | 2.8 | 1.7 | 1.1 | -32.0% |
| Total | 25.0 | 14.1 | 8.9 | 13.0 | -19.6% |
Top Suppliers of Chain and Parts Thereof, of Iron or Steel to Nigeria in 2022:
- China (3223.1 tons)
- United States (272.7 tons)
- India (156.9 tons)
- Germany (125.3 tons)
- United Kingdom (109.5 tons)
- Italy (109.0 tons)
- Spain (89.1 tons)
- Turkey (66.0 tons)
- France (43.8 tons)
Exports of Chain and Parts Thereof, of Iron or Steel in Nigeria
In 2022, shipments abroad of chain and parts thereof, of iron or steel decreased by -66.8% to 14 tons, falling for the second year in a row after two years of growth. Over the period under review, exports recorded a sharp contraction. The pace of growth appeared the most rapid in 2020 with an increase of 23% against the previous year. As a result, the exports reached the peak of 59 tons. From 2021 to 2022, the growth of the exports of remained at a lower figure.
In value terms, exports of chain and parts thereof, of iron or steel reduced remarkably to $28K in 2022. Overall, exports continue to indicate a abrupt slump. The most prominent rate of growth was recorded in 2020 when exports increased by 14%. As a result, the exports reached the peak of $52K. From 2021 to 2022, the growth of the exports of remained at a somewhat lower figure.
| Export of Chain and Parts Thereof, of Iron or Steel in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United Kingdom | N/A | N/A | 3.1 | 9.2 | 196.8% |
| Niger | 22.1 | 28.5 | 5.7 | 4.3 | -42.1% |
| Benin | N/A | N/A | 3.6 | 4.3 | 19.4% |
| Kenya | N/A | 4.9 | 9.6 | 3.2 | -19.2% |
| Ghana | 6.1 | N/A | 3.8 | 2.6 | -24.7% |
| Angola | N/A | 0.3 | 0.1 | 0.5 | 29.1% |
| Zimbabwe | N/A | 0.2 | 0.2 | 0.4 | 41.4% |
| Burkina Faso | N/A | N/A | 5.4 | N/A | 0% |
| Cote d'Ivoire | 11.7 | 14.4 | 14.6 | N/A | 11.7% |
| Others | 5.7 | 3.9 | 4.8 | 3.2 | -17.5% |
| Total | 45.7 | 52.1 | 51.0 | 27.7 | -15.4% |
Top Export Markets for Chain and Parts Thereof, of Iron or Steel from Nigeria in 2022:
- Niger (5.8 tons)
- Benin (4.7 tons)
- United Kingdom (0.8 tons)
- Kenya (0.7 tons)
- Ghana (0.6 tons)
- Zimbabwe (0.5 tons)
- Angola (0.3 tons)
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