Price for Steel, Stainless; Flat-Rolled, Width Less than 600mm, Nes in Heading No 7220 in Nigeria - 2023

Contents:

1. Price for Steel, Stainless; Flat-Rolled, Width Less than 600mm, Nes in Heading No 7220 in Nigeria (CIF) - 2022
2. Price for Steel, Stainless; Flat-Rolled, Width Less than 600mm, Nes in Heading No 7220 in Nigeria (FOB) - 2022
3. Imports of Steel, Stainless; Flat-Rolled, Width Less than 600mm, Nes in Heading No 7220 in Nigeria
4. Exports of Steel, Stainless; Flat-Rolled, Width Less than 600mm, Nes in Heading No 7220 in Nigeria

Price for Steel, Stainless; Flat-Rolled, Width Less than 600mm, Nes in Heading No 7220 in Nigeria (CIF) - 2022

In 2022, the average import price for steel, stainless; flat-rolled, width less than 600mm, nes in heading no 7220s amounted to $2,187 per ton, surging by 51% against the previous year. Over the period under review, the import price, however, saw a pronounced slump. The pace of growth was the most pronounced in 2014 an increase of 146% against the previous year. Over the period under review, average import prices hit record highs at $5,054 per ton in 2015; however, from 2016 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 the UK ($7,729 per ton), while the price for Kenya ($706 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+1.0%), while the prices for the other major suppliers experienced a decline.

Price for Steel, Stainless; Flat-Rolled, Width Less than 600mm, Nes in Heading No 7220 in Nigeria (FOB) - 2022

The average export price for steel, stainless; flat-rolled, width less than 600mm, nes in heading no 7220s stood at $1,537 per ton in 2022, growing by 47% against the previous year. Overall, the export price recorded a strong expansion. The most prominent rate of growth was recorded in 2021 when the average export price increased by 88% against the previous year. The export price peaked in 2022 and is expected to retain growth in the immediate term.

As there is only one major export destination, the average price level is determined by prices for Niger.

From 2015 to 2022, the rate of growth in terms of prices for Niger amounted to +6.0% per year.

Imports of Steel, Stainless; Flat-Rolled, Width Less than 600mm, Nes in Heading No 7220 in Nigeria

In 2022, purchases abroad of steel, stainless; flat-rolled, width less than 600mm, nes in heading no 7220s decreased by -1.7% to 257 tons, falling for the second year in a row after two years of growth. Over the period under review, imports, however, showed a resilient increase. The most prominent rate of growth was recorded in 2020 with an increase of 1,032% against the previous year. As a result, imports reached the peak of 1.8K tons. From 2021 to 2022, the growth of imports of failed to regain momentum.

In value terms, imports of steel, stainless; flat-rolled, width less than 600mm, nes in heading no 7220s surged to $563K in 2022. Overall, imports, however, recorded a significant expansion. The pace of growth appeared the most rapid in 2020 with an increase of 780% against the previous year. As a result, imports attained the peak of $1.8M. From 2021 to 2022, the growth of imports of remained at a somewhat lower figure.

Top Suppliers of Steel, Stainless; Flat-Rolled, Width Less than 600mm, Nes in Heading No 7220 to Nigeria in 2022:

1. China (186.1 tons)
2. Kenya (50.0 tons)
3. Austria (15.9 tons)
4. Italy (4.8 tons)

Exports of Steel, Stainless; Flat-Rolled, Width Less than 600mm, Nes in Heading No 7220 in Nigeria

In 2022, exports of steel, stainless; flat-rolled, width less than 600mm, nes in heading no 7220s from Nigeria reduced notably to 1.6 tons, with a decrease of -87.4% against the year before. Overall, exports saw a precipitous decline. The most prominent rate of growth was recorded in 2021 when exports increased by 15% against the previous year.

In value terms, exports of steel, stainless; flat-rolled, width less than 600mm, nes in heading no 7220s contracted sharply to $2.4K in 2022. In general, exports saw a sharp descent. The pace of growth was the most pronounced in 2021 when exports increased by 117%.

Top Export Markets for Steel, Stainless; Flat-Rolled, Width Less than 600mm, Nes in Heading No 7220 from Nigeria in 2022:

1. Niger (1.6 tons)