Price for Stainless Steel; Flat-Rolled Products of Width Less than 600mm in Nigeria - 2023

Contents:

1. Price for Stainless Steel; Flat-Rolled Products of Width Less than 600mm in Nigeria (CIF) - 2022
2. Price for Stainless Steel; Flat-Rolled Products of Width Less than 600mm in Nigeria (FOB) - 2022
3. Imports of Stainless Steel; Flat-Rolled Products of Width Less than 600mm in Nigeria
4. Exports of Stainless Steel; Flat-Rolled Products of Width Less than 600mm in Nigeria

Price for Stainless Steel; Flat-Rolled Products of Width Less than 600mm in Nigeria (CIF) - 2022

In 2022, the average import price for stainless steel; flat-rolled products of width less than 600mms amounted to $2,485 per ton, growing by 56% against the previous year. In general, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 an increase of 76%. The import price peaked at $4,209 per ton in 2016; however, from 2017 to 2022, 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 Austria ($7,403 per ton), while the price for Kenya ($706 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ukraine (+63.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Stainless Steel; Flat-Rolled Products of Width Less than 600mm in Nigeria (FOB) - 2022

The average export price for stainless steel; flat-rolled products of width less than 600mms stood at $1,537 per ton in 2022, with an increase of 15% against the previous year. In general, export price indicated strong growth from 2015 to 2022: its price increased at an average annual rate of +8.1% over the last seven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for stainless steel; flat-rolled products of width less than 600mms increased by +14.4% against 2019 indices. The most prominent rate of growth was recorded in 2018 an increase of 17%. The export price peaked in 2022 and is expected to retain growth in years to come.

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

From 2015 to 2022, the rate of growth in terms of prices for Benin amounted to +19.5% per year.

Imports of Stainless Steel; Flat-Rolled Products of Width Less than 600mm in Nigeria

In 2022, imports of stainless steel; flat-rolled products of width less than 600mms into Nigeria totaled 396 tons, almost unchanged from 2021 figures. Overall, imports posted a strong increase. The most prominent rate of growth was recorded in 2020 when imports increased by 569% against the previous year. As a result, imports reached the peak of 1.9K tons. From 2021 to 2022, the growth of imports of failed to regain momentum.

In value terms, imports of stainless steel; flat-rolled products of width less than 600mms skyrocketed to $983K in 2022. In general, imports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2020 with an increase of 503% against the previous year. As a result, imports attained the peak of $2.4M. From 2021 to 2022, the growth of imports of remained at a somewhat lower figure.

Top Suppliers of Stainless Steel; Flat-Rolled Products of Width Less than 600mm to Nigeria in 2022:

1. China (326.5 tons)
2. Kenya (50.0 tons)
3. Austria (13.9 tons)
4. United Kingdom (0.3 tons)

Exports of Stainless Steel; Flat-Rolled Products of Width Less than 600mm in Nigeria

Exports of stainless steel; flat-rolled products of width less than 600mms from Nigeria contracted sharply to 1.6 tons in 2022, declining by -83.9% on 2021. Overall, exports saw a precipitous descent. The most prominent rate of growth was recorded in 2021 when exports increased by 106% against the previous year.

In value terms, exports of stainless steel; flat-rolled products of width less than 600mms declined significantly to $2.4K in 2022. Over the period under review, exports continue to indicate a sharp shrinkage. The pace of growth was the most pronounced in 2021 with an increase of 117%.

Top Export Markets for Stainless Steel; Flat-Rolled Products of Width Less than 600mm from Nigeria in 2022:

1. Niger (1.6 tons)

Source: IndexBox Market Intelligence Platform