Price for Iron Oxides and Hydroxides in Nigeria - 2022

Price for Iron Oxides and Hydroxides in Nigeria (CIF) - 2022

In June 2022, the average iron oxides and hydroxides import price amounted to $1,458 per ton, picking up by 34% against the previous month. In general, import price indicated a moderate expansion from June 2021 to June 2022: its price increased at an average monthly rate of +4.1% over the last twelve months. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on June 2022 figures, iron oxides and hydroxides import price decreased by -2.8% against April 2022 indices. The growth pace was the most rapid in September 2021 when the average import price increased by 68% month-to-month. Over the period under review, average import prices reached the peak figure at $1,838 per ton in October 2021; however, from November 2021 to June 2022, import prices failed to regain momentum.

Average prices varied somewhat amongst the major supplying countries. In June 2022, the country with the highest price was China ($1,570 per ton), while the price for India ($1,072 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 (+4.7%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Iron Oxides and Hydroxides in Nigeria (FOB) - 2022

The average iron oxides and hydroxides export price stood at $820 per ton in 2022, declining by -6.5% against the previous year. In general, the export price showed a pronounced slump. The most prominent rate of growth was recorded in 2018 an increase of 59% against the previous year. As a result, the export price reached the peak level of $4,258 per ton. From 2019 to 2022, the average export prices remained at a somewhat 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 -4.6% per year.

Imports of Iron Oxides and Hydroxides in Nigeria

In 2022, approx. 5.2K tons of iron oxides and hydroxideses were imported into Nigeria; growing by 14% on the year before. In general, total imports indicated a remarkable increase from 2019 to 2022: its volume increased at an average annual rate of +9.0% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -25.1% against 2020 indices. The pace of growth appeared the most rapid in 2020 with an increase of 73% against the previous year. As a result, imports reached the peak of 6.9K tons. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

In value terms, iron oxides and hydroxides imports skyrocketed to $6.8M in 2022. Overall, total imports indicated a significant expansion from 2019 to 2022: its value increased at an average annual rate of +24.8% over the last three-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +94.5% against 2019 indices. The pace of growth appeared the most rapid in 2020 with an increase of 73%. Over the period under review, imports reached the peak figure in 2022 and are likely to see gradual growth in years to come.

Import of Iron Oxides and Hydroxides in Nigeria (Million USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
China	2.8	5.0	3.9	5.4	24.5%
India	0.3	0.3	0.5	0.7	32.6%
Hong Kong SAR	N/A	0.1	0.2	0.3	73.2%
South Africa	0.1	0.2	N/A	N/A	100.0%
Others	0.3	0.4	0.3	0.5	18.6%
Total	3.5	6.0	4.9	6.8	24.8%

Top Suppliers of Iron Oxides and Hydroxides to Nigeria in 2022:

South Africa (undefinedK tons)
China (4.4K tons)
India (0.3K tons)
Hong Kong SAR (0.3K tons)

Exports of Iron Oxides and Hydroxides in Nigeria

In 2022, shipments abroad of iron oxides and hydroxideses decreased by -27.7% to 227 tons for the first time since 2018, thus ending a three-year rising trend. Over the period under review, exports, however, showed significant growth. The most prominent rate of growth was recorded in 2021 with an increase of 293% against the previous year. As a result, the exports reached the peak of 314 tons, and then dropped rapidly in the following year.

In value terms, iron oxides and hydroxides exports dropped remarkably to $186K in 2022. In general, exports, however, recorded a significant increase. The most prominent rate of growth was recorded in 2021 when exports increased by 184%. As a result, the exports attained the peak of $276K, and then shrank significantly in the following year.