Report Update: Apr 1, 2024

Nigeria - Wire Rod Of Free-Cutting Steel - Market Analysis, Forecast, Size, Trends And Insights

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Price for Free-Cutting Steel Wire Rod in Nigeria - 2022

Price for Free-Cutting Steel Wire Rod in Nigeria (FOB) - 2022

The average free-cutting steel wire rod export price stood at $831 per ton in May 2022, approximately reflecting the previous month. In general, the export price posted slight growth. The export price peaked in May 2022.

As there is only one major export destination, the average price level is determined by prices for Ghana.

From November 2021 to May 2022, the rate of growth in terms of prices for Ghana amounted to +1.1% per month.

Price for Free-Cutting Steel Wire Rod in Nigeria (CIF) - 2022

The average free-cutting steel wire rod import price stood at $739 per ton in 2022, declining by -5.3% against the previous year. Overall, the import price recorded a noticeable contraction. The pace of growth was the most pronounced in 2019 an increase of 59%. Over the period under review, average import prices reached the peak figure at $1,276 per ton in 2013; however, from 2014 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the UK ($4,397 per ton), while the price for Ukraine ($634 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Turkey (+15.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Exports of Free-Cutting Steel Wire Rod in Nigeria

In 2022, shipments abroad of wire rod of free-cutting steel decreased by -22.5% to 22 tons for the first time since 2018, thus ending a three-year rising trend. In general, exports, however, posted strong growth. The pace of growth appeared the most rapid in 2021 when exports increased by 70%. As a result, the exports attained the peak of 28 tons, and then shrank markedly in the following year.

In value terms, free-cutting steel wire rod exports dropped significantly to $16K in 2022. Over the period under review, exports, however, posted significant growth. The growth pace was the most rapid in 2021 with an increase of 122% against the previous year. As a result, the exports attained the peak of $21K, and then dropped significantly in the following year.

Export of Free-Cutting Steel Wire Rod in Nigeria (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Niger	6.5	9.6	1.1	15.6	33.9%
Ghana	N/A	N/A	20.4	N/A	0%
Others	N/A	N/A	N/A	N/A	0%
Total	6.5	9.6	21.5	15.6	33.9%

Top Export Markets for Free-Cutting Steel Wire Rod from Nigeria in 2022:

Niger (21.6 tons)

Imports of Free-Cutting Steel Wire Rod in Nigeria

In 2022, after two years of decline, there was significant growth in purchases abroad of wire rod of free-cutting steel, when their volume increased by 12% to 332 tons. Over the period under review, imports, however, showed a abrupt slump.

In value terms, free-cutting steel wire rod imports expanded markedly to $245K in 2022. In general, imports, however, continue to indicate a abrupt curtailment.

Import of Free-Cutting Steel Wire Rod in Nigeria (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
Ukraine	253	206	182	194	-8.5%
China	3.2	2.2	11.5	18.9	80.8%
Others	37.8	51.8	36.6	32.2	-5.2%
Total	294	260	230	245	-5.9%

Top Suppliers of Free-Cutting Steel Wire Rod to Nigeria in 2022:

Ukraine (305.8 tons)
China (19.2 tons)

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the market for free-cutting steel wire rod in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 24106120 - Wire rod of free-cutting steel

Country coverage:

Nigeria

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Trade (exports and imports) in Nigeria
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023