Price for Ferrous Waste and Scrap; of Alloy Steel (Excluding Stainless) in Nigeria - 2023
Contents:
- Price for Ferrous Waste and Scrap; of Alloy Steel (Excluding Stainless) in Nigeria (CIF) - 2022
- Price for Ferrous Waste and Scrap; of Alloy Steel (Excluding Stainless) in Nigeria (FOB) - 2022
- Imports of Ferrous Waste and Scrap; of Alloy Steel (Excluding Stainless) in Nigeria
- Exports of Ferrous Waste and Scrap; of Alloy Steel (Excluding Stainless) in Nigeria
Price for Ferrous Waste and Scrap; of Alloy Steel (Excluding Stainless) in Nigeria (CIF) - 2022
In 2022, the average import price for ferrous waste and scrap; of alloy steel (excluding stainless)s amounted to $834 per ton, dropping by -90% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 an increase of 784% against the previous year. Over the period under review, average import prices reached the peak figure at $27,287 per ton in 2020; however, from 2021 to 2022, import prices remained at a 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 China ($1,032 per ton), while the price for Guinea ($76 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+26.0%), while the prices for the other major suppliers experienced mixed trend patterns.
Price for Ferrous Waste and Scrap; of Alloy Steel (Excluding Stainless) in Nigeria (FOB) - 2022
In 2022, the average export price for ferrous waste and scrap; of alloy steel (excluding stainless)s amounted to $166 per ton, reducing by -68.1% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2021 when the average export price increased by 183%. As a result, the export price attained the peak level of $521 per ton, and then fell rapidly in the following year.
There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Niger ($474 per ton), while the average price for exports to Thailand stood at $148 per ton.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Malaysia (+55.1%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Ferrous Waste and Scrap; of Alloy Steel (Excluding Stainless) in Nigeria
Imports of ferrous waste and scrap; of alloy steel (excluding stainless)s into Nigeria soared to 312 tons in 2022, picking up by 179% on 2021 figures. Overall, imports recorded a significant expansion. As a result, imports attained the peak and are likely to continue growth in the immediate term.
In value terms, imports of ferrous waste and scrap; of alloy steel (excluding stainless)s skyrocketed to $266K in 2022. Over the period under review, imports enjoyed a significant increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.
| Import of Ferrous Waste and Scrap; of Alloy Steel (Excluding Stainless) in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 133 | 182 | 89.0 | 258 | 24.7% |
| Cameroon | N/A | 0.3 | 14.8 | 4.7 | 295.8% |
| Guinea | N/A | N/A | N/A | 3.7 | 0% |
| United Kingdom | N/A | N/A | 12.2 | N/A | 0% |
| Others | 0.9 | 1.3 | N/A | N/A | 44.4% |
| Total | 134 | 184 | 116 | 266 | 25.7% |
Top Suppliers of Ferrous Waste and Scrap; of Alloy Steel (Excluding Stainless) to Nigeria in 2022:
- China (250.0 tons)
- Guinea (48.3 tons)
- Cameroon (13.5 tons)
Exports of Ferrous Waste and Scrap; of Alloy Steel (Excluding Stainless) in Nigeria
In 2022, after two years of decline, there was significant growth in shipments abroad of ferrous waste and scrap; of alloy steel (excluding stainless)s, when their volume increased by 99% to 73 tons. In general, exports, however, showed a deep reduction.
In value terms, exports of ferrous waste and scrap; of alloy steel (excluding stainless)s shrank markedly to $12K in 2022. Over the period under review, exports, however, continue to indicate a precipitous contraction. The most prominent rate of growth was recorded in 2021 with an increase of 109% against the previous year.
| Export of Ferrous Waste and Scrap; of Alloy Steel (Excluding Stainless) in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Thailand | N/A | N/A | N/A | 10.1 | 0% |
| Niger | 0.3 | 8.1 | 0.2 | 1.9 | 85.0% |
| Benin | 8.6 | 1.0 | 0.3 | N/A | -81.3% |
| Burkina Faso | 0.5 | 6.5 | N/A | N/A | 1200.0% |
| Malaysia | 14.9 | N/A | N/A | N/A | 0% |
| United Kingdom | 15.0 | N/A | 28.4 | N/A | 37.6% |
| Ghana | N/A | N/A | 3.7 | N/A | 0% |
| Others | N/A | N/A | N/A | N/A | 0% |
| Total | 39.4 | 15.6 | 32.6 | 12.1 | -32.5% |
Top Export Markets for Ferrous Waste and Scrap; of Alloy Steel (Excluding Stainless) from Nigeria in 2022:
- Thailand (68.5 tons)
- Niger (4.1 tons)
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