Price for Iron and Non-Alloy Steel in Ingot in Nigeria - 2022
Contents:
- Price for Iron and Non-Alloy Steel in Ingot in Nigeria (CIF) - 2022
- Imports of Iron and Non-Alloy Steel in Ingot in Nigeria
Price for Iron and Non-Alloy Steel in Ingot in Nigeria (CIF) - 2022
In 2022, the average import price for iron and non-alloy steel in ingots amounted to $1,618 per ton, picking up by 71% against the previous year. Over the period under review, the import price recorded a remarkable increase. The most prominent rate of growth was recorded in 2020 an increase of 2,488%. As a result, import price reached the peak level of $28,181 per ton. From 2021 to 2022, the average import prices remained at a somewhat lower figure.
There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was India ($1,830 per ton), while the price for China totaled $833 per ton.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ukraine (+91.6%), while the prices for the other major suppliers experienced more modest paces of growth.
Imports of Iron and Non-Alloy Steel in Ingot in Nigeria
In 2022, imports of iron and non-alloy steel in ingots into Nigeria contracted to 468 tons, falling by -11% against 2021 figures. Overall, imports recorded a precipitous curtailment. The pace of growth was the most pronounced in 2021 when imports increased by 61%.
In value terms, imports of iron and non-alloy steel in ingots surged to $758K in 2022. In general, imports faced a dramatic decline. The pace of growth appeared the most rapid in 2020 with an increase of 174% against the previous year. As a result, imports attained the peak of $9.2M. From 2021 to 2022, the growth of imports of remained at a lower figure.
| Import of Iron and Non-Alloy Steel in Ingot in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 3,025 | 141 | 447 | 663 | -39.7% |
| India | 2.4 | 170 | 33.9 | 39.8 | 155.0% |
| Italy | 237 | N/A | N/A | N/A | 0% |
| Others | 95.5 | 8,903 | 17.9 | 54.7 | -17.0% |
| Total | 3,360 | 9,214 | 499 | 758 | -39.1% |
Top Suppliers of Iron and Non-Alloy Steel in Ingot to Nigeria in 2022:
- China (796.5 tons)
- India (21.8 tons)
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