Price for Stainless Steel in Ingots or Other Primary Forms in Nigeria - 2022
Contents:
- Price for Stainless Steel in Ingots or Other Primary Forms in Nigeria (FOB) - 2022
- Price for Stainless Steel in Ingots or Other Primary Forms in Nigeria (CIF) - 2022
- Exports of Stainless Steel in Ingots or Other Primary Forms in Nigeria
- Imports of Stainless Steel in Ingots or Other Primary Forms in Nigeria
Price for Stainless Steel in Ingots or Other Primary Forms in Nigeria (FOB) - 2022
In 2022, the average export price for stainless steel in ingots or other primary forms amounted to $965 per ton, waning by -47% against the previous year. Over the period under review, the export price continues to indicate a abrupt decline. The pace of growth appeared the most rapid in 2021 when the average export price increased by 60%. As a result, the export price attained the peak level of $1,823 per ton, and then contracted markedly in the following year.
Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Germany ($2,819 per ton), while the average price for exports to India ($726 per ton) was amongst the lowest.
From 2015 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Spain (+12.3%), while the prices for the other major destinations experienced a decline.
Price for Stainless Steel in Ingots or Other Primary Forms in Nigeria (CIF) - 2022
In 2022, the average import price for stainless steel in ingots or other primary forms amounted to $973 per ton, jumping by 121% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The growth pace was the most rapid in 2013 when the average import price increased by 767%. As a result, import price reached the peak level of $8,296 per ton. From 2014 to 2022, the average import prices failed to regain momentum.
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 the United States ($4,107 per ton), while the price for China ($845 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United States (-2.5%), while the prices for the other major suppliers experienced a decline.
Exports of Stainless Steel in Ingots or Other Primary Forms in Nigeria
For the fourth year in a row, Nigeria recorded growth in overseas shipments of stainless steel in ingots or other primary forms, which increased by 83% to 840 tons in 2022. Overall, exports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2021 when exports increased by 108% against the previous year. Over the period under review, the exports of reached the maximum in 2022 and are likely to see gradual growth in the immediate term.
In value terms, exports of stainless steel in ingots or other primary forms shrank to $811K in 2022. Over the period under review, exports recorded a significant increase. The pace of growth appeared the most rapid in 2021 with an increase of 233% against the previous year. As a result, the exports attained the peak of $838K, and then dropped modestly in the following year.
| Export of Stainless Steel in Ingots or Other Primary Forms in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| India | 57.8 | 146 | 624 | 529 | 109.2% |
| Netherlands | 5.7 | 43.4 | 113 | 218 | 236.9% |
| Germany | N/A | N/A | N/A | 63.6 | 0% |
| Spain | 119 | 24.4 | 100 | N/A | -8.3% |
| Others | 3.8 | 38.4 | N/A | N/A | 910.5% |
| Total | 186 | 252 | 838 | 811 | 63.4% |
Top Export Markets for Stainless Steel in Ingots or Other Primary Forms from Nigeria in 2022:
- India (728.3 tons)
- Netherlands (88.7 tons)
- Germany (22.6 tons)
Imports of Stainless Steel in Ingots or Other Primary Forms in Nigeria
In 2022, approx. 15 tons of stainless steel in ingots or other primary forms were imported into Nigeria; which is down by -96.7% against the previous year's figure. Over the period under review, imports faced a sharp descent. The pace of growth was the most pronounced in 2021 with an increase of 0.7% against the previous year.
In value terms, imports of stainless steel in ingots or other primary forms fell dramatically to $14K in 2022. Overall, imports faced a precipitous decrease. The smallest decline of -50.6% was in 2021.
| Import of Stainless Steel in Ingots or Other Primary Forms in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 1,846 | 146 | 50.5 | 7.0 | -84.4% |
| United States | 7.8 | 14.4 | 5.3 | 5.9 | -8.9% |
| India | 0.8 | 5.4 | 0.6 | 0.3 | -27.9% |
| Malaysia | 208 | 107 | 64.1 | N/A | -44.5% |
| Others | 203 | 123 | 75.1 | 1.0 | -83.0% |
| Total | 2,266 | 396 | 196 | 14.2 | -81.6% |
Top Suppliers of Stainless Steel in Ingots or Other Primary Forms to Nigeria in 2022:
- China (8.2 tons)
- United States (1.4 tons)
- India (0.3 tons)
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