Aluminium Wire Price in Nigeria - 2022

Contents:

1. Aluminium Wire Price in Nigeria (CIF) - 2022
2. Aluminium Wire Price in Nigeria (FOB) - 2022
3. Aluminium Wire Imports in Nigeria
4. Aluminium Wire Exports in Nigeria

Aluminium Wire Price in Nigeria (CIF) - 2022

The average aluminium wire import price stood at $2,647 per ton in 2022, with a decrease of -5.6% against the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +1.2%. The pace of growth appeared the most rapid in 2013 when the average import price increased by 30% against the previous year. As a result, import price reached the peak level of $3,046 per ton. From 2014 to 2022, the average import prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Oman ($3,936 per ton), while the price for China ($812 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Bahrain (+4.2%), while the prices for the other major suppliers experienced more modest paces of growth.

Aluminium Wire Price in Nigeria (FOB) - 2022

In 2022, the average aluminium wire export price amounted to $5,426 per ton, flattening at the previous year. Over the period from 2012 to 2022, it increased at an average annual rate of +2.1%. The most prominent rate of growth was recorded in 2014 when the average export price increased by 14% against the previous year. The export price peaked at $5,718 per ton in 2015; however, from 2016 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was the United States ($32,398 per ton), while the average price for exports to India stood at $4,611 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to the United States (+24.7%).

Aluminium Wire Imports in Nigeria

Aluminium wire imports into Nigeria dropped dramatically to 836 tons in 2022, which is down by -20.4% against 2021. In general, imports continue to indicate a noticeable decline. The pace of growth was the most pronounced in 2021 with an increase of 70%. As a result, imports attained the peak of 1.1K tons, and then declined sharply in the following year.

In value terms, aluminium wire imports fell remarkably to $2.2M in 2022. Overall, imports showed a pronounced shrinkage. The pace of growth appeared the most rapid in 2021 with an increase of 99% against the previous year. As a result, imports reached the peak of $2.9M, and then reduced notably in the following year.

Top Suppliers of Aluminium Wire to Nigeria in 2022:

1. United Arab Emirates (203.3 tons)
2. Russia (186.8 tons)
3. China (108.9 tons)
4. Ghana (99.8 tons)
5. Oman (81.6 tons)
6. Bahrain (57.0 tons)
7. Spain (31.8 tons)

Aluminium Wire Exports in Nigeria

In 2022, shipments abroad of aluminium wires increased by 6.5% to 249 tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, exports, however, continue to indicate a drastic downturn.

In value terms, aluminium wire exports rose rapidly to $1.4M in 2022. In general, exports, however, recorded a drastic downturn.

Top Export Markets for Aluminium Wire from Nigeria in 2022:

1. India (241.2 tons)
2. United States (7.4 tons)

Source: IndexBox Market Intelligence Platform