Price for Magnesium; Articles Thereof, Including Waste and Scrap in Nigeria - 2023
Contents:
- Price for Magnesium; Articles Thereof, Including Waste and Scrap in Nigeria (CIF) - 2022
- Price for Magnesium; Articles Thereof, Including Waste and Scrap in Nigeria (FOB) - 2022
- Imports of Magnesium; Articles Thereof, Including Waste and Scrap in Nigeria
- Exports of Magnesium; Articles Thereof, Including Waste and Scrap in Nigeria
Price for Magnesium; Articles Thereof, Including Waste and Scrap in Nigeria (CIF) - 2022
The average import price for magnesium; articles thereof, including waste and scrap stood at $1,288 per ton in 2022, falling by -63.1% against the previous year. Over the period under review, the import price continues to indicate a deep contraction. The pace of growth was the most pronounced in 2019 when the average import price increased by 69% against the previous year. Over the period under review, average import prices hit record highs at $9,788 per ton in 2013; however, from 2014 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 the United States ($4,336 per ton), while the price for China ($1,229 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 (-3.0%), while the prices for the other major suppliers experienced a decline.
Price for Magnesium; Articles Thereof, Including Waste and Scrap in Nigeria (FOB) - 2022
The average export price for magnesium; articles thereof, including waste and scrap stood at $608 per ton in 2022, falling by -26.3% against the previous year. Over the period under review, the export price continues to indicate a sharp decrease. The export price peaked at $825 per ton in 2021, and then dropped notably in the following year.
Average prices varied somewhat for the major export markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($801 per ton), while the average price for exports to Germany ($563 per ton) was amongst the lowest.
From 2021 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Germany (+53.0%), while the prices for the other major destinations experienced a decline.
Imports of Magnesium; Articles Thereof, Including Waste and Scrap in Nigeria
Imports of magnesium; articles thereof, including waste and scrap into Nigeria surged to 237 tons in 2022, jumping by 162% compared with the previous year. In general, imports saw a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of 208%. Over the period under review, imports of attained the peak figure in 2022 and are likely to see gradual growth in the near future.
In value terms, imports of magnesium; articles thereof, including waste and scrap contracted modestly to $305K in 2022. Over the period under review, imports saw a significant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 367% against the previous year. As a result, imports attained the peak of $316K, and then fell in the following year.
| Import of Magnesium; Articles Thereof, Including Waste and Scrap in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 26.1 | 58.6 | 19.3 | 255 | 113.8% |
| United Kingdom | 13.8 | N/A | 0.1 | 40.3 | 42.9% |
| United States | 26.8 | N/A | 279 | 7.7 | -34.0% |
| Hong Kong SAR | N/A | N/A | 16.9 | N/A | 0% |
| Others | 15.1 | 9.0 | 0.1 | 2.6 | -44.4% |
| Total | 81.8 | 67.6 | 316 | 305 | 55.1% |
Top Suppliers of Magnesium; Articles Thereof, Including Waste and Scrap to Nigeria in 2022:
- China (207.1 tons)
- United Kingdom (27.3 tons)
- United States (1.8 tons)
Exports of Magnesium; Articles Thereof, Including Waste and Scrap in Nigeria
Exports of magnesium; articles thereof, including waste and scrap from Nigeria soared to 476 tons in 2022, increasing by 454% compared with 2021 figures. In general, exports posted a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.
In value terms, exports of magnesium; articles thereof, including waste and scrap surged to $290K in 2022. Overall, exports posted a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.
| Export of Magnesium; Articles Thereof, Including Waste and Scrap in Nigeria (Thousand USD) | |||
|---|---|---|---|
| COUNTRY | 2021 | 2022 | CAGR, 2021-2022 |
| Netherlands | 51.1 | 230 | 350.1% |
| United States | 13.3 | 53.2 | 300.0% |
| Germany | 1.5 | 6.1 | 306.7% |
| Others | 5.0 | 0.2 | -96.0% |
| Total | 70.9 | 290 | 309.0% |
Top Export Markets for Magnesium; Articles Thereof, Including Waste and Scrap from Nigeria in 2022:
- Netherlands (398.7 tons)
- United States (66.5 tons)
- Germany (10.7 tons)
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