Price for Steel, Alloy; Flat-Rolled, Width 600mm or More, of Silicon-Electrical Steel, Grain-Oriented in Nigeria - 2022

Contents:

1. Price for Steel, Alloy; Flat-Rolled, Width 600mm or More, of Silicon-Electrical Steel, Grain-Oriented in Nigeria (CIF) - 2022
2. Imports of Steel, Alloy; Flat-Rolled, Width 600mm or More, of Silicon-Electrical Steel, Grain-Oriented in Nigeria

Price for Steel, Alloy; Flat-Rolled, Width 600mm or More, of Silicon-Electrical Steel, Grain-Oriented in Nigeria (CIF) - 2022

The average import price for steel, alloy stood at $2,514 per ton in 2022, picking up by 46% against the previous year. In general, the import price, however, recorded a mild reduction. Over the period under review, average import prices hit record highs at $2,854 per ton in 2012; however, from 2013 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was China ($8,110 per ton), while the price for India totaled $609 per ton.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+24.7%).

Imports of Steel, Alloy; Flat-Rolled, Width 600mm or More, of Silicon-Electrical Steel, Grain-Oriented in Nigeria

In 2022, overseas purchases of steel, alloy decreased by -20.3% to 807 kg, falling for the second consecutive year after two years of growth. Over the period under review, imports recorded a mild decrease. The most prominent rate of growth was recorded in 2020 when imports increased by 50% against the previous year. As a result, imports reached the peak of 1.3 tons. From 2021 to 2022, the growth of imports of failed to regain momentum.

In value terms, imports of steel, alloy skyrocketed to $2K in 2022. In general, total imports indicated a prominent expansion from 2019 to 2022: its value increased at an average annual rate of +16.4% 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 increased by +57.7% against 2019 indices. The pace of growth was the most pronounced in 2021 with an increase of 16% against the previous year. Over the period under review, imports of attained the peak figure in 2022 and are expected to retain growth in the near future.

Top Suppliers of Steel, Alloy; Flat-Rolled, Width 600mm or More, of Silicon-Electrical Steel, Grain-Oriented to Nigeria in 2022:

1. India (706.0 kg)
2. China (91.0 kg)
3. United Kingdom (10.0 kg)

Source: IndexBox Market Intelligence Platform