Price for Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in Nigeria - 2022
Contents:
- Price for Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in Nigeria (FOB) - 2022
- Price for Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in Nigeria (CIF) - 2022
- Exports of Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in Nigeria
- Imports of Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in Nigeria
Price for Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in Nigeria (FOB) - 2022
The average export price for iron or non-alloy steel; ingots (excluding iron of heading no. 7203)s stood at $1,628 per ton in 2022, flattening at the previous year. Over the period under review, the export price saw a strong expansion. The pace of growth appeared the most rapid in 2013 an increase of 96%. The export price peaked in 2022 and is expected to retain 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 Saudi Arabia ($2,065 per ton), while the average price for exports to Vietnam ($146 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 the United States (+40,476.6%), while the prices for the other major destinations experienced more modest paces of growth.
Price for Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in Nigeria (CIF) - 2022
In 2022, the average import price for iron or non-alloy steel; ingots (excluding iron of heading no. 7203)s amounted to $441 per ton, declining by -30.9% against the previous year. Overall, the import price showed a pronounced shrinkage. The pace of growth was the most pronounced in 2020 when the average import price increased by 421%. As a result, import price attained the peak level of $4,837 per ton. From 2021 to 2022, the average import prices remained at a lower figure.
As there is only one major supplying country, the average price level is determined by prices for China.
From 2013 to 2022, the rate of growth in terms of prices for Ukraine amounted to +76.0% per year.
Exports of Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in Nigeria
In 2022, overseas shipments of iron or non-alloy steel; ingots (excluding iron of heading no. 7203)s decreased by 0% to 1K tons, falling for the second consecutive year after two years of growth. In general, exports posted a significant expansion. The pace of growth was the most pronounced in 2020 with an increase of 5%. Over the period under review, the exports of reached the peak figure in 2022 and are likely to continue growth in the near future.
In value terms, exports of iron or non-alloy steel; ingots (excluding iron of heading no. 7203)s amounted to $1.6M in 2022. Overall, exports showed significant growth. The smallest decline of -2.1% was in 2020. Over the period under review, the exports of hit record highs in 2022 and are likely to continue growth in the immediate term.
| Export of Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| India | 1.1 | 1.4 | N/A | 768 | 787.1% |
| Saudi Arabia | N/A | N/A | N/A | 500 | 0% |
| Germany | N/A | N/A | N/A | 261 | 0% |
| South Korea | 0.5 | 0.4 | N/A | 87.4 | 459.1% |
| Vietnam | N/A | N/A | N/A | 31.4 | 0% |
| Others | 0.5 | 0.3 | N/A | N/A | -40.0% |
| Total | 2.1 | 2.1 | N/A | 1,648 | 822.4% |
Top Export Markets for Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) from Nigeria in 2022:
- India (375.0 tons)
- Saudi Arabia (241.9 tons)
- Vietnam (215.0 tons)
- Germany (133.9 tons)
- South Korea (46.5 tons)
Imports of Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in Nigeria
After two years of decline, overseas purchases of iron or non-alloy steel; ingots (excluding iron of heading no. 7203)s increased by 1,389% to 1.1K tons in 2022. Overall, imports, however, showed a precipitous slump.
In value terms, imports of iron or non-alloy steel; ingots (excluding iron of heading no. 7203)s soared to $470K in 2022. Over the period under review, imports, however, showed a sharp decline.
| Import of Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 2.0 | 0.1 | N/A | 0.5 | -37.0% |
| Russia | N/A | 8.7 | N/A | N/A | 0% |
| Others | 0.4 | 0.1 | N/A | N/A | -75.0% |
| Total | 2.4 | 8.9 | N/A | 0.5 | -40.7% |
Top Suppliers of Iron or Non-Alloy Steel; Ingots (Excluding Iron of Heading No. 7203) to Nigeria in 2022:
- China (1065.0 tons)
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