Price for Steel, Stainless; Angles, Shapes and Sections in Nigeria - 2023
Contents:
- Price for Steel, Stainless; Angles, Shapes and Sections in Nigeria (CIF) - 2022
- Imports of Steel, Stainless; Angles, Shapes and Sections in Nigeria
Price for Steel, Stainless; Angles, Shapes and Sections in Nigeria (CIF) - 2022
In 2022, the average import price for steel, stainless amounted to $1,500 per ton, waning by -29.6% against the previous year. In general, the import price, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2013 an increase of 260%. The import price peaked at $4,719 per ton in 2014; however, from 2015 to 2022, import prices remained at a lower figure.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was India ($7,905 per ton), while the price for Greece ($253 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 Arab Emirates (+9.9%), while the prices for the other major suppliers experienced more modest paces of growth.
Imports of Steel, Stainless; Angles, Shapes and Sections in Nigeria
After two years of decline, overseas purchases of steel, stainless increased by 37% to 446 tons in 2022. The total import volume increased at an average annual rate of +1.0% over the period from 2019 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, imports attained the peak and are likely to continue growth in the immediate term.
In value terms, imports of steel, stainless skyrocketed to $671K in 2022. In general, total imports indicated buoyant growth from 2019 to 2022: its value increased at an average annual rate of +17.1% 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 +60.7% against 2019 indices. The pace of growth appeared the most rapid in 2021 when imports increased by 23% against the previous year. Imports peaked in 2022 and are expected to retain growth in years to come.
Import of Steel, Stainless; Angles, Shapes and Sections in Nigeria (Thousand USD) | |||||
---|---|---|---|---|---|
COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
India | 55.3 | 77.3 | 158 | 298 | 75.3% |
China | 281 | 239 | 160 | 270 | -1.3% |
Germany | 43.3 | 34.1 | 32.4 | 26.3 | -15.3% |
Greece | N/A | N/A | N/A | 4.9 | 0% |
United Arab Emirates | N/A | N/A | 153 | N/A | 0% |
Others | 37.7 | 118 | 70.4 | 71.7 | 23.9% |
Total | 417 | 468 | 573 | 671 | 17.2% |
Top Suppliers of Steel, Stainless; Angles, Shapes and Sections to Nigeria in 2022:
- China (371.1 tons)
- India (37.7 tons)
- Greece (19.5 tons)
- Germany (13.8 tons)
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