Price for Nickel; Tubes and Pipes, Not Alloyed in Nigeria - 2022

Price for Nickel; Tubes and Pipes, Not Alloyed in Nigeria (CIF) - 2022

In 2022, the average import price for nickel; tubes and pipes, not alloyeds amounted to $83,991 per ton, growing by 45% against the previous year. In general, the import price saw a buoyant increase. The pace of growth appeared the most rapid in 2019 an increase of 90%. Over the period under review, average import prices reached the maximum in 2022 and is expected to retain growth in the near future.

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 Germany ($572,500 per ton), while the price for China ($5,250 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Germany (+18.6%), while the prices for the other major suppliers experienced more modest paces of growth.

Price for Nickel; Tubes and Pipes, Not Alloyed in Nigeria (FOB) - 2022

In 2022, the average export price for nickel; tubes and pipes, not alloyeds amounted to $2,375 per ton, with an increase of 2.6% against the previous year. Overall, the export price, however, continues to indicate a sharp decline. The growth pace was the most rapid in 2018 an increase of 17%. Over the period under review, the average export prices reached the peak figure at $136,500 per ton in 2012; however, from 2013 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 Niger.

From 2012 to 2022, the rate of growth in terms of prices for Niger amounted to -33.3% per year.

Imports of Nickel; Tubes and Pipes, Not Alloyed in Nigeria

For the third consecutive year, Nigeria recorded decline in purchases abroad of nickel; tubes and pipes, not alloyeds, which decreased by -63.4% to 225 kg in 2022. Over the period under review, imports saw a sharp descent. The smallest decline of -38.1% was in 2021.

In value terms, imports of nickel; tubes and pipes, not alloyeds fell significantly to $19K in 2022. In general, imports continue to indicate a precipitous decline. The smallest decline of -31.9% was in 2021.

Import of Nickel; Tubes and Pipes, Not Alloyed in Nigeria (Thousand USD)
COUNTRY	2019	2020	2021	2022	CAGR, 2019-2022
United States	92.4	47.0	32.4	17.7	-42.4%
Germany	10.8	4.8	2.9	1.1	-53.3%
China	0.5	0.2	0.1	N/A	-55.3%
Others	0.4	0.2	0.1	0.1	-37.0%
Total	104	52.2	35.6	18.9	-43.4%

Top Suppliers of Nickel; Tubes and Pipes, Not Alloyed to Nigeria in 2022:

United States (214.0 kg)
China (8.0 kg)
Germany (2.0 kg)

Exports of Nickel; Tubes and Pipes, Not Alloyed in Nigeria

In 2022, approx. 56 kg of nickel; tubes and pipes, not alloyeds were exported from Nigeria; rising by 60% against 2021 figures. Over the period under review, exports enjoyed a significant expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, exports of nickel; tubes and pipes, not alloyeds soared to $133 in 2022. In general, exports, however, saw a deep slump.