Nigeria - Hot-Rolled Wire Rod - Market Analysis, Forecast, Size, Trends and Insights
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View PricingPrice for Hot-Rolled Wire Rod in Coils in Nigeria - 2023
Contents:
- Price for Hot-Rolled Wire Rod in Coils in Nigeria (FOB) - 2022
- Price for Hot-Rolled Wire Rod in Coils in Nigeria (CIF) - 2022
- Exports of Hot-Rolled Wire Rod in Coils in Nigeria
- Imports of Hot-Rolled Wire Rod in Coils in Nigeria
Price for Hot-Rolled Wire Rod in Coils in Nigeria (FOB) - 2022
In 2022, the average export price for hot-rolled wire rods in coils amounted to $935 per ton, increasing by 5.3% against the previous year. Over the period under review, the export price saw a resilient expansion. The most prominent rate of growth was recorded in 2018 an increase of 17%. Over the period under review, the average export prices hit record highs in 2022 and is expected to retain growth in years to come.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Benin ($968 per ton), while the average price for exports to Ghana amounted to $622 per ton.
From 2015 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cote d'Ivoire (+10.9%), while the prices for the other major destinations experienced more modest paces of growth.
Price for Hot-Rolled Wire Rod in Coils in Nigeria (CIF) - 2022
In 2022, the average import price for hot-rolled wire rods in coils amounted to $1,132 per ton, picking up by 70% against the previous year. Over the period under review, import price indicated a pronounced increase from 2012 to 2022: its price increased at an average annual rate of +2.8% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2019 when the average import price increased by 105%. The import price peaked in 2022 and is expected to retain growth in years to come.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($2,211 per ton), while the price for China stood at $994 per ton.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by India (+11.5%), while the prices for the other major suppliers experienced mixed trend patterns.
Exports of Hot-Rolled Wire Rod in Coils in Nigeria
In 2022, approx. 16K tons of hot-rolled wire rods in coils were exported from Nigeria; picking up by 280% against the previous year's figure. In general, exports showed a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.
In value terms, hot-rolled wire rod in coils exports surged to $15M in 2022. Over the period under review, exports posted a significant increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.
| Export of Hot-Rolled Wire Rod in Coils in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Benin | 0.1 | N/A | 3.8 | 14.4 | 424.1% |
| Ghana | N/A | N/A | N/A | 0.9 | 0% |
| Others | N/A | N/A | 0.1 | 0.1 | 0.0% |
| Total | 0.1 | N/A | 3.8 | 15.4 | 436.0% |
Top Export Markets for Hot-Rolled Wire Rod in Coils from Nigeria in 2022:
- Benin (14.8K tons)
- Ghana (1.5K tons)
Imports of Hot-Rolled Wire Rod in Coils in Nigeria
In 2022, overseas purchases of hot-rolled wire rods in coils decreased by -31.4% to 532 tons, falling for the second consecutive year after two years of growth. Over the period under review, imports recorded a sharp setback. The pace of growth was the most pronounced in 2020 when imports increased by 45% against the previous year. As a result, imports attained the peak of 1.7K tons. From 2021 to 2022, the growth of imports remained at a lower figure.
In value terms, hot-rolled wire rod in coils imports surged to $603K in 2022. In general, imports continue to indicate a abrupt shrinkage. The pace of growth appeared the most rapid in 2020 when imports increased by 33% against the previous year. As a result, imports attained the peak of $1.3M. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.
| Import of Hot-Rolled Wire Rod in Coils in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 955 | 1,163 | 446 | 515 | -18.6% |
| United Arab Emirates | 20.0 | 154 | N/A | N/A | 670.0% |
| Others | 36.8 | 24.8 | 71.2 | 88.2 | 33.8% |
| Total | 1,012 | 1,341 | 517 | 603 | -15.9% |
Top Suppliers of Hot-Rolled Wire Rod in Coils to Nigeria in 2022:
- China (517.4 tons)
This report provides an in-depth analysis of the hot-rolled wire rod market 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 2025.
Product coverage:
- Prodcom 2410T231 - Hot-rolled wire rod
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.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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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- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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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
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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