Price for Steel, Alloy; Ingots and Other Primary Forms in Nigeria - 2023
Contents:
- Price for Steel, Alloy; Ingots and Other Primary Forms in Nigeria (CIF) - 2022
- Price for Steel, Alloy; Ingots and Other Primary Forms in Nigeria (FOB) - 2022
- Imports of Steel, Alloy; Ingots and Other Primary Forms in Nigeria
- Exports of Steel, Alloy; Ingots and Other Primary Forms in Nigeria
Price for Steel, Alloy; Ingots and Other Primary Forms in Nigeria (CIF) - 2022
In 2022, the average import price for steel, alloy; ingots and other primary formses amounted to $26,114 per ton, declining by -18.4% against the previous year. In general, the import price, however, enjoyed a notable increase. The pace of growth appeared the most rapid in 2013 when the average import price increased by 51%. The import price peaked at $41,651 per ton in 2019; however, from 2020 to 2022, import prices stood at a somewhat lower figure.
Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($28,534 per ton), while the price for China totaled $23,601 per ton.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+13.4%), while the prices for the other major suppliers experienced mixed trend patterns.
Price for Steel, Alloy; Ingots and Other Primary Forms in Nigeria (FOB) - 2022
In 2022, the average export price for steel, alloy; ingots and other primary formses amounted to $10,530 per ton, waning by -18.3% against the previous year. Over the period under review, the export price, however, continues to indicate a resilient increase. The pace of growth appeared the most rapid in 2014 an increase of 93%. Over the period under review, the average export prices hit record highs at $15,277 per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.
Average prices varied noticeably for the major export markets. In 2022, amid the top suppliers, the country with the highest price was India ($10,543 per ton), while the average price for exports to Ghana stood at $10,495 per ton.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to India (+13.2%).
Imports of Steel, Alloy; Ingots and Other Primary Forms in Nigeria
After three years of growth, supplies from abroad of steel, alloy; ingots and other primary formses decreased by -12.7% to 2 tons in 2022. Overall, imports, however, recorded a significant increase. The growth pace was the most rapid in 2020 with an increase of 392% against the previous year.
In value terms, imports of steel, alloy; ingots and other primary formses dropped rapidly to $52K in 2022. Over the period under review, imports, however, posted a significant expansion. The most prominent rate of growth was recorded in 2020 when imports increased by 315%.
| Import of Steel, Alloy; Ingots and Other Primary Forms in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United States | 1.5 | 9.5 | 19.4 | 29.0 | 168.4% |
| China | 8.5 | 32.2 | 53.9 | 23.2 | 39.8% |
| Others | N/A | N/A | N/A | N/A | 0% |
| Total | 10.0 | 41.7 | 73.3 | 52.2 | 73.5% |
Top Suppliers of Steel, Alloy; Ingots and Other Primary Forms to Nigeria in 2022:
- United States (1018.0 kg)
- China (981.0 kg)
Exports of Steel, Alloy; Ingots and Other Primary Forms in Nigeria
In 2022, the amount of steel, alloy; ingots and other primary formses exported from Nigeria soared to 3.1 tons, rising by 168% compared with the year before. Overall, exports saw 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 steel, alloy; ingots and other primary formses surged to $33K in 2022. Over the period under review, exports recorded a significant expansion. The pace of growth appeared the most rapid in 2021 with an increase of 119%. Over the period under review, the exports of attained the peak figure in 2022 and are expected to retain growth in the immediate term.
| Export of Steel, Alloy; Ingots and Other Primary Forms in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| India | 7.2 | 5.7 | 11.9 | 24.3 | 50.0% |
| Ghana | 1.1 | 1.2 | 3.2 | 8.7 | 99.2% |
| Others | N/A | N/A | N/A | N/A | 0% |
| Total | 8.4 | 6.9 | 15.1 | 33.0 | 57.8% |
Top Export Markets for Steel, Alloy; Ingots and Other Primary Forms from Nigeria in 2022:
- India (2.3 tons)
- Ghana (0.8 tons)
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