Price for Ferrous Waste and Scrap; of Stainless Steel in Nigeria - 2023

Price for Ferrous Waste and Scrap; of Stainless Steel in Nigeria (FOB) - 2022

The average export price for ferrous waste and scrap; of stainless steels stood at $2,121 per ton in 2022, growing by 19% against the previous year. Over the period under review, export price indicated a mild expansion from 2012 to 2022: its price increased at an average annual rate of +1.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, export price for ferrous waste and scrap; of stainless steels increased by +71.8% against 2020 indices. The most prominent rate of growth was recorded in 2021 an increase of 44% against the previous year. The export price peaked in 2022 and is likely to see steady growth in the immediate term.

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 Germany ($2,449 per ton), while the average price for exports to China ($690 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 Germany (+4.3%), while the prices for the other major destinations experienced more modest paces of growth.

Price for Ferrous Waste and Scrap; of Stainless Steel in Nigeria (CIF) - 2022

In 2022, the average import price for ferrous waste and scrap; of stainless steels amounted to $1,053 per ton, falling by -9.2% against the previous year. Over the period under review, import price indicated buoyant growth from 2012 to 2022: its price increased at an average annual rate of +6.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth appeared the most rapid in 2014 when the average import price increased by 116%. As a result, import price reached the peak level of $1,632 per ton. From 2015 to 2022, the average import prices remained at a somewhat lower figure.

Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was France ($1,053 per ton), while the price for China amounted to $1,053 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+2,140.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Exports of Ferrous Waste and Scrap; of Stainless Steel in Nigeria

In 2022, approx. 6K tons of ferrous waste and scrap; of stainless steels were exported from Nigeria; rising by 64% on the previous year's figure. Overall, exports enjoyed a buoyant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

In value terms, exports of ferrous waste and scrap; of stainless steels surged to $13M in 2022. Over the period under review, exports continue to indicate significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Export of Ferrous Waste and Scrap; of Stainless Steel in Nigeria (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Netherlands	3.8	2.4	4.5	6.5	19.6%
India	1.5	1.1	1.8	4.5	44.2%
Germany	0.1	0.1	0.1	1.5	146.6%
China	N/A	N/A	N/A	0.1	0%
Others	0.2	N/A	0.1	N/A	-29.3%
Total	5.5	3.6	6.5	12.7	32.2%

Top Export Markets for Ferrous Waste and Scrap; of Stainless Steel from Nigeria in 2022:

Netherlands (2.7K tons)
India (2.5K tons)
Germany (0.6K tons)
China (0.2K tons)

Imports of Ferrous Waste and Scrap; of Stainless Steel in Nigeria

In 2022, supplies from abroad of ferrous waste and scrap; of stainless steels was finally on the rise to reach 101 tons for the first time since 2019, thus ending a two-year declining trend. Overall, imports showed a significant increase. As a result, imports attained the peak and are likely to continue growth in the immediate term.

In value terms, imports of ferrous waste and scrap; of stainless steels skyrocketed to $106K in 2022. In general, imports recorded significant growth. As a result, imports attained the peak and are likely to continue growth in the immediate term.