Price for Iron Ore and Concentrate, Non-Agglomerated in Nigeria - 2022

Price for Iron Ore and Concentrate, Non-Agglomerated in Nigeria (FOB) - 2022

In 2022, the average export price for iron ores and concentrates, non-agglomerated amounted to $32 per ton, which is down by -22.9% against the previous year. In general, the export price saw a drastic downturn. The growth pace was the most rapid in 2013 an increase of 58%. The export price peaked at $133 per ton in 2019; however, from 2020 to 2022, the export prices remained at a lower figure.

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

From 2012 to 2022, the rate of growth in terms of prices for China amounted to -5.0% per year.

Price for Iron Ore and Concentrate, Non-Agglomerated in Nigeria (CIF) - 2022

The average import price for iron ores and concentrates, non-agglomerated stood at $575 per ton in 2022, waning by -6.9% against the previous year. Over the period under review, the import price, however, saw strong growth. The most prominent rate of growth was recorded in 2018 when the average import price increased by 66%. The import price peaked at $618 per ton in 2021, and then declined in the following year.

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 Brazil ($578 per ton), while the price for the United States totaled $23 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Brazil (+11.4%).

Exports of Iron Ore and Concentrate, Non-Agglomerated in Nigeria

For the fourth year in a row, Nigeria recorded growth in overseas shipments of iron ores and concentrates, non-agglomerated, which increased by 3.7% to 2.5K tons in 2022. In general, exports continue to indicate a significant expansion. The most prominent rate of growth was recorded in 2020 with an increase of 367%. Over the period under review, the exports reached the peak figure in 2022 and are likely to see steady growth in the near future.

In value terms, iron ore and concentrate, non-agglomerated exports shrank dramatically to $78K in 2022. Over the period under review, exports showed a significant expansion. The pace of growth was the most pronounced in 2020 with an increase of 204% against the previous year.

Export of Iron Ore and Concentrate, Non-Agglomerated in Nigeria (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	18.7	58.3	96.8	77.5	60.6%
Others	0.6	0.3	1.3	0.8	10.1%
Total	19.3	58.7	98.1	78.4	59.6%

Top Export Markets for Iron Ore and Concentrate, Non-Agglomerated from Nigeria in 2022:

China (2.5K tons)

Imports of Iron Ore and Concentrate, Non-Agglomerated in Nigeria

In 2022, approx. 113 tons of iron ores and concentrates, non-agglomerated were imported into Nigeria; which is down by -31.9% compared with 2021. In general, imports, however, enjoyed a perceptible expansion. The most prominent rate of growth was recorded in 2021 when imports increased by 177%. As a result, imports attained the peak of 166 tons, and then declined remarkably in the following year.

In value terms, iron ore and concentrate, non-agglomerated imports contracted significantly to $65K in 2022. Overall, imports, however, continue to indicate significant growth. The most prominent rate of growth was recorded in 2021 when imports increased by 275% against the previous year. As a result, imports reached the peak of $103K, and then contracted sharply in the following year.