Nigeria: Chrome Ore Market Overview 2020

Chrome Ore Market Size in Nigeria

The revenue of the chrome ore market in Nigeria amounted to $X in 2017, going up by X% against the previous year. In general, chrome ore consumption continues to indicate a remarkable growth. The pace of growth appeared the most rapid in 2015, with an increase of X% year-to-year. Nigeria chrome ore consumption peaked in 2017, and is likely to see steady growth in the immediate term.

Chrome Ore Production in Nigeria

In 2017, chrome ore production in Nigeria amounted to X kg, stabilizing at the previous year. Overall, chrome ore production continues to indicate a relatively flat trend pattern.

Chrome Ore Exports by Country from Nigeria

South Africa prevails in chrome ore exports structure, accounting for X tonnes, which was approx. X% of total exports in 2017. Turkey (X tonnes) occupied a X% share (based on tonnes) of total exports, which put it in second place, followed by Kazakhstan (X%). Pakistan (X tonnes), Australia (X tonnes), Albania (X tonnes) and Iran (X tonnes) followed a long way behind the leaders.

South Africa was also the fastest growing in terms of the chromium ores and concentrates exports, with a CAGR of +X% from 2007 to 2017. At the same time, Albania (+X%), Australia (+X%), Iran (+X%) and Pakistan (+X%) displayed positive paces of growth. Turkey and Kazakhstan experienced a relatively flat trend pattern. South Africa (-X%) significantly weakened its position in terms of the global exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, South Africa ($X) remains the largest chrome ore supplier from Nigeria, making up X% of global exports. The second position in the ranking was occupied by Turkey ($X), with a X% share of global exports. It was followed by Kazakhstan, with a X% share.

In South Africa, chrome ore exports expanded at an average annual rate of +X% over the period from 2007-2017. The remaining exporting countries recorded the following average annual rates of exports growth: Turkey (+X% per year) and Kazakhstan (-X% per year).

Chrome Ore Export Prices by Country in Nigeria

The chrome ore export price in Nigeria stood at $X per tonne in 2017, flattening at by -% against the previous year. Over the last decade, it decreased at an average annual rate of nan%. The most prominent rate of growth was recorded in 2008, when it surged by -% year-to-year.

Export prices varied noticeably by the country of destination; the country with the highest export price was Iran ($X per tonne), while South Africa ($X per tonne) was amongst the lowest.

From 2007 to 2017, the most notable rate of growth in terms of export prices was attained by Turkey (+X% per year), while the other leaders experienced more modest paces of growth.

Chrome Ore Imports into Nigeria

In 2017, the amount of chromium ores and concentrates imported into Nigeria totaled X tonnes, coming down by -X% against the previous year. Overall, chrome ore imports continue to indicate a deep slump. The pace of growth appeared the most rapid in 2011, when imports increased by X% y-o-y. Nigeria imports peaked of X tonnes in 2013; however, from 2014 to 2017, it stood at a somewhat lower level.

In value terms, chrome ore imports amounted to $X in 2017. In general, chrome ore imports continue to indicate a perceptible decrease. Over the period under review, the chrome ore imports reached its maximum level of $X in 2013; however, from 2014 to 2017, it failed to regain its momentum.

Chrome Ore Imports by Country into Nigeria

China was the largest importing country with an import of around X tonnes, which amounted to X% of total imports. Mozambique (X tonnes) ranks second in terms of the global imports with a X% share, followed by Russia (X%). Sweden (X tonnes) took the minor share of total imports.

From 2007 to 2017, average annual rates of growth with regard to chrome ore imports into China stood at +X%. At the same time, Mozambique (+X%) and Sweden (+X%) displayed positive paces of growth. Moreover, Mozambique emerged as the fastest growing importer in the world, with a CAGR of +X% from 2007-2017. By contrast, Russia (-X%) illustrated a downward trend over the same period. Mozambique (-X%) and China (-X%) significantly weakened its position in terms of the global imports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, China ($X) constitutes the largest market for imported chromium ores and concentrates into Nigeria, making up X% of global imports. The second position in the ranking was occupied by Mozambique ($X), with a X% share of global imports. It was followed by Russia, with a X% share.

From 2007 to 2017, the average annual rate of growth in terms of value in China was relatively modest. The remaining importing countries recorded the following average annual rates of imports growth: Mozambique (+X% per year) and Russia (-X% per year).

Chrome Ore Import Prices by Country in Nigeria

In 2017, the chrome ore import price in Nigeria amounted to $X per tonne, growing by X% against the previous year. Over the last decade, it increased at an average annual rate of +X%. The pace of growth appeared the most rapid in 2017, when it surged by X% against the previous year. In that year, the import prices for chromium ores and concentrates reached their peak level, and is likely to continue its growth in the immediate term.

There were significant differences in the average import prices amongst the major importing countries. In 2017, the country with the highest import price was Sweden ($X per tonne), while Mozambique ($X per tonne) was amongst the lowest.

From 2007 to 2017, the most notable rate of growth in terms of import prices was attained by Sweden (+X% per year), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox AI Platform