Price for Steel, Alloy; Flat-Rolled, Width 600mm or More, Hot-Rolled, in Coils in Nigeria - 2023
Contents:
- Price for Steel, Alloy; Flat-Rolled, Width 600mm or More, Hot-Rolled, in Coils in Nigeria (CIF) - 2022
- Imports of Steel, Alloy; Flat-Rolled, Width 600mm or More, Hot-Rolled, in Coils in Nigeria
Price for Steel, Alloy; Flat-Rolled, Width 600mm or More, Hot-Rolled, in Coils in Nigeria (CIF) - 2022
In 2022, the average import price for steel, alloy amounted to $549 per ton, shrinking by -6.9% against the previous year. Over the period under review, the import price saw a pronounced decrease. The growth pace was the most rapid in 2018 when the average import price increased by 61% against the previous year. As a result, import price attained the peak level of $1,118 per ton. From 2019 to 2022, the average import prices remained at a lower figure.
As there is only one major supplying country, the average price level is determined by prices for China.
From 2013 to 2022, the rate of growth in terms of prices for Ukraine amounted to -6.1% per year.
Imports of Steel, Alloy; Flat-Rolled, Width 600mm or More, Hot-Rolled, in Coils in Nigeria
In 2022, imports of steel, alloy into Nigeria skyrocketed to 8.5K tons, with an increase of 15% against the previous year's figure. Over the period under review, total imports indicated a significant increase from 2019 to 2022: its volume increased at an average annual rate of +27.8% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +108.8% against 2019 indices. The pace of growth was the most pronounced in 2020 with an increase of 59%. Imports peaked in 2022 and are expected to retain growth in years to come.
In value terms, imports of steel, alloy rose rapidly to $4.7M in 2022. Overall, total imports indicated a significant expansion from 2019 to 2022: its value increased at an average annual rate of +21.4% 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 -8.0% against 2020 indices. The pace of growth appeared the most rapid in 2020 with an increase of 94% against the previous year. As a result, imports reached the peak of $5.1M. From 2021 to 2022, the growth of imports of remained at a somewhat lower figure.
| Import of Steel, Alloy; Flat-Rolled, Width 600mm or More, Hot-Rolled, in Coils in Nigeria (Million USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 2.4 | 5.1 | 1.8 | 4.7 | 25.1% |
| South Korea | N/A | N/A | 2.5 | N/A | 0% |
| Others | 0.3 | N/A | 0.1 | N/A | -42.3% |
| Total | 2.6 | 5.1 | 4.4 | 4.7 | 21.8% |
Top Suppliers of Steel, Alloy; Flat-Rolled, Width 600mm or More, Hot-Rolled, in Coils to Nigeria in 2022:
- China (8.5K tons)
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