Price for Wire of Other Alloy Steel in Nigeria - 2022
Contents:
- Price for Wire of Other Alloy Steel in Nigeria (CIF) - 2022
- Price for Wire of Other Alloy Steel in Nigeria (FOB) - 2022
- Imports of Wire of Other Alloy Steel in Nigeria
- Exports of Wire of Other Alloy Steel in Nigeria
Price for Wire of Other Alloy Steel in Nigeria (CIF) - 2022
In 2022, the average import price for wire of other alloy steels amounted to $2,667 per ton, rising by 5.6% against the previous year. Overall, the import price recorded a slight expansion. The growth pace was the most rapid in 2018 when the average import price increased by 424%. As a result, import price attained the peak level of $7,506 per ton. From 2019 to 2022, the average import prices remained at a somewhat 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 Italy ($10,633 per ton), while the price for the UK ($632 per ton) was amongst the lowest.
From 2013 to 2022, the most notable rate of growth in terms of prices was attained by Austria (+103.1%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Wire of Other Alloy Steel in Nigeria (FOB) - 2022
In 2022, the average export price for wire of other alloy steels amounted to $2,604 per ton, with a decrease of -71.1% against the previous year. In general, the export price, however, continues to indicate a prominent expansion. The most prominent rate of growth was recorded in 2017 an increase of 3,521%. As a result, the export price attained the peak level of $49,796 per ton. From 2018 to 2022, the average export prices remained at a somewhat lower figure.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Niger ($4,015 per ton), while the average price for exports to Angola ($432 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 Benin (+27.3%), while the prices for the other major destinations experienced mixed trend patterns.
Imports of Wire of Other Alloy Steel in Nigeria
For the fourth consecutive year, Nigeria recorded growth in purchases abroad of wire of other alloy steels, which increased by 87% to 180 tons in 2022. Over the period under review, imports recorded significant growth. The most prominent rate of growth was recorded in 2020 when imports increased by 177% against the previous year. Over the period under review, imports attained the maximum in 2022 and are likely to see gradual growth in the near future.
In value terms, wire of other alloy steel imports surged to $480K in 2022. In general, imports enjoyed a significant expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 244%. Imports peaked in 2022 and are expected to retain growth in the immediate term.
| Import of Wire of Other Alloy Steel in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | N/A | 0.5 | 92.3 | 273 | 2236.7% |
| Austria | N/A | 1.6 | 0.8 | 97.6 | 681.0% |
| United Arab Emirates | 1.0 | 2.5 | 2.0 | 75.2 | 322.1% |
| United Kingdom | 3.7 | N/A | N/A | 10.0 | 39.3% |
| India | 0.2 | 21.4 | 1.8 | 3.8 | 166.8% |
| Switzerland | N/A | N/A | 118 | 0.4 | -99.7% |
| Czech Republic | N/A | 39.9 | N/A | N/A | 0% |
| Turkey | 11.1 | 14.4 | 16.1 | N/A | 20.4% |
| Others | 7.4 | N/A | 12.2 | 19.7 | 38.6% |
| Total | 23.4 | 80.3 | 243 | 480 | 173.7% |
Top Suppliers of Wire of Other Alloy Steel to Nigeria in 2022:
- China (107.3 tons)
- United Arab Emirates (38.6 tons)
- United Kingdom (15.8 tons)
- Austria (11.7 tons)
- India (3.9 tons)
- Switzerland (0.1 tons)
Exports of Wire of Other Alloy Steel in Nigeria
In 2022, exports of wire of other alloy steels from Nigeria soared to 359 kg, with an increase of 798% on the year before. Over the period under review, exports showed a significant expansion. The pace of growth was the most pronounced in 2020 when exports increased by 943%. As a result, the exports attained the peak of 2.1 tons. From 2021 to 2022, the growth of the exports remained at a lower figure.
In value terms, wire of other alloy steel exports soared to $935 in 2022. Overall, exports posted prominent growth.
| Export of Wire of Other Alloy Steel in Nigeria (USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Benin | N/A | N/A | N/A | 655 | 0% |
| Niger | N/A | 1,205 | N/A | 261 | -53.5% |
| Angola | N/A | N/A | N/A | 19.0 | 0% |
| Cote d'Ivoire | N/A | N/A | 360 | N/A | 0% |
| Cameroon | N/A | 87.0 | N/A | N/A | 0% |
| Mali | 264 | N/A | N/A | N/A | 0% |
| Poland | 340 | N/A | N/A | N/A | 0% |
| Others | N/A | N/A | N/A | N/A | 0% |
| Total | 604 | 1,292 | 360 | 935 | 15.7% |
Top Export Markets for Wire of Other Alloy Steel from Nigeria in 2022:
- Benin (250.0 kg)
- Niger (65.0 kg)
- Angola (44.0 kg)
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