Price for Steel, Stainless; Ingots and Other Primary Forms in Nigeria - 2022
Contents:
- Price for Steel, Stainless; Ingots and Other Primary Forms in Nigeria (FOB) - 2022
- Price for Steel, Stainless; Ingots and Other Primary Forms in Nigeria (CIF) - 2022
- Exports of Steel, Stainless; Ingots and Other Primary Forms in Nigeria
- Imports of Steel, Stainless; Ingots and Other Primary Forms in Nigeria
Price for Steel, Stainless; Ingots and Other Primary Forms in Nigeria (FOB) - 2022
The average export price for steel, stainless; ingots and other primary formses stood at $965 per ton in 2022, declining by -4.6% against the previous year. In general, the export price saw a abrupt slump. The growth pace was the most rapid in 2020 when the average export price increased by 20%. The export price peaked at $1,810 per ton in 2018; however, from 2019 to 2022, the export prices stood at a somewhat 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 Germany ($2,819 per ton), while the average price for exports to India ($726 per ton) was amongst the lowest.
From 2018 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the Netherlands (+70.3%), while the prices for the other major destinations experienced mixed trend patterns.
Price for Steel, Stainless; Ingots and Other Primary Forms in Nigeria (CIF) - 2022
The average import price for steel, stainless; ingots and other primary formses stood at $1,430 per ton in 2022, falling by -30.1% against the previous year. Overall, the import price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the average import price increased by 142%. The import price peaked at $3,201 per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($4,676 per ton), while the price for China stood at $845 per ton.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (+1.0%), while the prices for the other major suppliers experienced a decline.
Exports of Steel, Stainless; Ingots and Other Primary Forms in Nigeria
In 2022, approx. 840 tons of steel, stainless; ingots and other primary formses were exported from Nigeria; approximately equating the previous year's figure. Overall, exports enjoyed a significant increase. The pace of growth appeared the most rapid in 2021 with an increase of 275% against the previous year. The exports peaked in 2022 and are likely to see gradual growth in the near future.
In value terms, exports of steel, stainless; ingots and other primary formses shrank modestly to $811K in 2022. Over the period under review, exports posted significant growth. The growth pace was the most rapid in 2021 when exports increased by 233% against the previous year. As a result, the exports reached the peak of $838K, and then reduced slightly in the following year.
| Export of Steel, Stainless; Ingots and Other Primary Forms in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| India | 60.9 | 146 | 722 | 529 | 105.6% |
| Netherlands | N/A | 43.4 | N/A | 218 | 124.1% |
| Germany | N/A | N/A | N/A | 63.6 | 0% |
| Spain | 125 | 24.4 | 116 | N/A | -3.7% |
| Others | N/A | 38.4 | N/A | N/A | 0% |
| Total | 186 | 252 | 838 | 811 | 63.4% |
Top Export Markets for Steel, Stainless; Ingots and Other Primary Forms from Nigeria in 2022:
- India (728.3 tons)
- Netherlands (88.7 tons)
- Germany (22.6 tons)
Imports of Steel, Stainless; Ingots and Other Primary Forms in Nigeria
For the third year in a row, Nigeria recorded decline in overseas purchases of steel, stainless; ingots and other primary formses, which decreased by -30.7% to 9.6 tons in 2022. In general, imports saw a dramatic shrinkage.
In value terms, imports of steel, stainless; ingots and other primary formses shrank significantly to $14K in 2022. Over the period under review, imports faced a significant decline.
| Import of Steel, Stainless; Ingots and Other Primary Forms in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 1,806 | 82.5 | 3.7 | 7.0 | -84.3% |
| United States | 5.2 | 24.8 | 11.5 | 5.9 | 4.3% |
| Malaysia | 389 | 10.0 | N/A | N/A | -97.4% |
| Others | 19.7 | 14.6 | 13.1 | 0.8 | -65.6% |
| Total | 2,221 | 132 | 28.3 | 13.7 | -81.7% |
Top Suppliers of Steel, Stainless; Ingots and Other Primary Forms to Nigeria in 2022:
- China (8.2 tons)
- United States (1.3 tons)
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