Price for Zinc; Waste and Scrap in Nigeria - 2022

Contents:

1. Price for Zinc; Waste and Scrap in Nigeria (CIF) - 2022
2. Price for Zinc; Waste and Scrap in Nigeria (FOB) - 2022
3. Imports of Zinc; Waste and Scrap in Nigeria
4. Exports of Zinc; Waste and Scrap in Nigeria

Price for Zinc; Waste and Scrap in Nigeria (CIF) - 2022

In 2021, the average zinc; waste and scrap import price amounted to $2,014 per ton, picking up by 24% against the previous year. Over the last six years, it increased at an average annual rate of +3.1%. The most prominent rate of growth was recorded in 2017 an increase of 34% against the previous year. Over the period under review, average import prices hit record highs in 2021 and is likely to see steady growth in years to come.

As there is only one major supplying country, the average price level is determined by prices for the UK.

From 2015 to 2021, the rate of growth in terms of prices for the UK amounted to 0.0% per year.

Price for Zinc; Waste and Scrap in Nigeria (FOB) - 2022

The average zinc; waste and scrap export price stood at $2,345 per ton in 2021, picking up by 28% against the previous year. Over the last nine-year period, it increased at an average annual rate of +4.3%. The growth pace was the most rapid in 2017 an increase of 36%. Over the period under review, the average export prices attained the peak figure in 2021 and is likely to see gradual growth in years to come.

There were significant differences in the average prices for the major export markets. In 2021, amid the top suppliers, the country with the highest price was India ($2,567 per ton), while the average price for exports to the United Arab Emirates ($542 per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to India (+3.5%), while the prices for the other major destinations experienced a decline.

Imports of Zinc; Waste and Scrap in Nigeria

In 2022, approx. 220 kg of zinc; waste and scraps were imported into Nigeria; picking up by 3.3% on the previous year's figure. The total import volume increased at an average annual rate of +9.2% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2020 when imports increased by 34% against the previous year. As a result, imports attained the peak of 226 kg. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, zinc; waste and scrap imports shrank to $398 in 2022. The total import value increased at an average annual rate of +9.3% from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 with an increase of 20% against the previous year.

Top Suppliers of Zinc; Waste and Scrap to Nigeria in 2022:

1. United Kingdom (55.0 kg)

Exports of Zinc; Waste and Scrap in Nigeria

Zinc; waste and scrap exports from Nigeria reduced to 786 tons in 2022, which is down by -1.6% against 2021. In general, exports continue to indicate a significant contraction. The growth pace was the most rapid in 2021 with an increase of 3.3%.

In value terms, zinc; waste and scrap exports shrank to $1.6M in 2022. Over the period under review, exports saw a precipitous curtailment. The most prominent rate of growth was recorded in 2021 with an increase of 32%.

Top Export Markets for Zinc; Waste and Scrap from Nigeria in 2022:

1. India (872.9 tons)
2. China (175.2 tons)
3. United Arab Emirates (134.6 tons)

Source: IndexBox Market Intelligence Platform