Price for Iron or Steel; Cast Articles in Nigeria - 2022

Contents:

1. Price for Iron or Steel; Cast Articles in Nigeria (CIF) - 2022
2. Price for Iron or Steel; Cast Articles in Nigeria (FOB) - 2022
3. Imports of Iron or Steel; Cast Articles in Nigeria
4. Exports of Iron or Steel; Cast Articles in Nigeria

Price for Iron or Steel; Cast Articles in Nigeria (CIF) - 2022

In June 2022, the average import price for iron or steel; cast articleses amounted to $7,159 per ton, growing by 322% against the previous month. Over the period under review, the import price showed moderate growth. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In June 2022, the country with the highest price was France ($11,101 per ton), while the price for China ($1,715 per ton) was amongst the lowest.

From June 2021 to June 2022, the most notable rate of growth in terms of prices was attained by China (+8.8%), while the prices for the other major suppliers experienced mixed trend patterns.

Price for Iron or Steel; Cast Articles in Nigeria (FOB) - 2022

In 2022, the average export price for iron or steel; cast articleses amounted to $3,123 per ton, waning by -3.9% against the previous year. In general, export price indicated a tangible increase from 2012 to 2022: its price increased at an average annual rate of +3.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, iron or steel; cast articles export price increased by +55.9% against 2018 indices. The pace of growth was the most pronounced in 2015 an increase of 78%. As a result, the export price reached the peak level of $3,300 per ton. From 2016 to 2022, the average export prices remained at a lower figure.

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 China ($13,969 per ton), while the average price for exports to Belgium ($1,471 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 India (+12.5%), while the prices for the other major destinations experienced mixed trend patterns.

Imports of Iron or Steel; Cast Articles in Nigeria

In 2022, supplies from abroad of iron or steel; cast articleses increased by 46% to 8.8K tons for the first time since 2019, thus ending a two-year declining trend. Over the period under review, imports, however, faced a dramatic shrinkage.

In value terms, iron or steel; cast articles imports reduced rapidly to $6.2M in 2022. In general, imports, however, faced a precipitous setback. The most prominent rate of growth was recorded in 2020 with an increase of 9.3%. As a result, imports reached the peak of $14M. From 2021 to 2022, the growth of imports remained at a lower figure.

Top Suppliers of Iron or Steel; Cast Articles to Nigeria in 2022:

1. China (7.3K tons)
2. India (0.4K tons)
3. United Arab Emirates (0.3K tons)
4. Egypt (0.2K tons)

Exports of Iron or Steel; Cast Articles in Nigeria

In 2022, after three years of growth, there was significant decline in shipments abroad of iron or steel; cast articleses, when their volume decreased by -42.9% to 30 tons. In general, exports, however, recorded significant growth. The pace of growth was the most pronounced in 2021 when exports increased by 608% against the previous year. As a result, the exports attained the peak of 52 tons, and then dropped dramatically in the following year.

In value terms, iron or steel; cast articles exports declined significantly to $93K in 2022. Over the period under review, exports, however, enjoyed a significant increase. The pace of growth was the most pronounced in 2021 when exports increased by 935% against the previous year. As a result, the exports attained the peak of $170K, and then dropped significantly in the following year.

Top Export Markets for Iron or Steel; Cast Articles from Nigeria in 2022:

1. Netherlands (undefined tons)
2. Belgium (13.3 tons)
3. India (11.4 tons)

Source: IndexBox Market Intelligence Platform