Nigeria: Copper Ore Market 2020

Copper Ore Market Size in Nigeria

The revenue of the copper ore market in Nigeria amounted to $X in 2017, dropping by -X% against the previous year. In general, copper ore consumption continues to indicate a deep drop. The most prominent rate of growth was recorded in 2009, with an increase of X% against the previous year. Nigeria copper ore consumption peaked of $X in 2010; however, from 2011 to 2017, it stood at a somewhat lower level.

Copper Ore Production in Nigeria

In 2017, approx. X tons of copper ores and concentrates were produced in Nigeria; approximately mirroring the previous year. Overall, copper ore production continues to indicate a mild expansion. The growth pace was the most rapid in 2012, when it surged by X% against the previous year. Nigeria copper ore production peaked of X tons in 2013; however, from 2014 to 2017, it failed to regain its momentum.

Copper Ore Exports from Nigeria

In 2017, the amount of copper ores and concentrates exported from Nigeria totaled X tons, coming down by -X% against the previous year. Overall, copper ore exports continue to indicate an abrupt drop. The pace of growth was the most pronounced in 2013, when exports increased by X% against the previous year. Over the period under review, the copper ore exports reached its maximum volume of X tons in 2015; however, from 2016 to 2017, it failed to regain its momentum.

In value terms, copper ore exports totaled $X in 2017. In general, copper ore exports continue to indicate a drastic decline. In that year, the copper ore exports reached their peak level of $X. From 2014 to 2017, growth of the copper ore exports failed to regain its momentum.

Copper Ore Exports by Country from Nigeria

In 2017, Chile (X tons), distantly followed by Peru (X tons), Australia (X tons) and Canada (X tons) represented the main exporters of copper ores and concentrates, together achieving X% of total exports. Mexico (X tons), Mongolia (X tons), Brazil (X tons), Spain (X tons), Indonesia (X tons), Kazakhstan (X tons), the U.S. (X tons) and Namibia (X tons) followed a long way behind the leaders.

From 2007 to 2017, the most notable rate of growth in terms of exports, amongst the main exporting countries, was attained by Mexico (+X% per year), while the other leaders experienced more modest paces of growth.

In value terms, Chile ($X), Peru ($X) and Australia ($X) were the countries with the highest levels of exports in 2017, together comprising X% of total exports. These countries were followed by Indonesia, Canada, Brazil, Spain, Mexico, the U.S., Mongolia, Kazakhstan, Namibia and Nigeria, which together accounted for a further X%.

Mexico (+X% per year) recorded the highest rates of growth with regard to exports, in terms of the main exporting countries over the last decade, while the other leaders experienced more modest paces of growth.

Copper Ore Export Prices by Country in Nigeria

In 2017, the copper ore export price in Nigeria amounted to $X per ton, growing by X% against the previous year. In general, copper ore export price continues to indicate an abrupt curtailment. The most prominent rate of growth was recorded in 2013, an increase of X% year-to-year. Over the period under review, the export prices for copper ores and concentrates attained its maximum level of $X per ton in 2007; however, from 2008 to 2017, it failed to regain its momentum.

Export prices varied noticeably by the country of destination; the country with the highest export price was Indonesia ($X per ton), while Namibia ($X per ton) was amongst the lowest.

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

Copper Ore Imports into Nigeria

In 2017, the amount of copper ores and concentrates imported into Nigeria totaled X tons, going down by -X% against the previous year. In general, copper ore imports continue to indicate a deep setback. The pace of growth was the most pronounced in 2010, when imports increased by X% year-to-year. In that year, the copper ore imports reached their peak volume of X tons. From 2011 to 2017, growth of the copper ore imports failed to regain its momentum.

In value terms, copper ore imports stood at $X in 2017. In general, copper ore imports continue to indicate an abrupt curtailment. In that year, the copper ore imports reached their peak level of $X. From 2011 to 2017, growth of the copper ore imports stood at a somewhat lower level.

Copper Ore Imports by Country into Nigeria

China was the key importing country with an import of about X tons, which reached X% of total imports. The Philippines (X tons) occupied the second position in the ranking, followed by Japan (X tons) and Spain (X tons). All these countries together took approx. X% share of total imports. South Korea (X tons), India (X tons), Germany (X tons), Bulgaria (X tons), Taiwan, Chinese (X tons) and Zambia (X tons) held the mild share of total imports.

From 2007 to 2017, average annual rates of growth with regard to copper ore imports into China stood at +X%. At the same time, the Philippines (+X%), Zambia (+X%), Taiwan, Chinese (+X%), Spain (+X%), Bulgaria (+X%) and South Korea (+X%) displayed positive paces of growth. Moreover, the Philippines emerged as the fastest growing importer in the world, with a CAGR of +X% from 2007-2017. Germany and Japan experienced a relatively flat trend pattern. By contrast, India (-X%) illustrated a downward trend over the same period. While the share of India (X%) increased significantly in terms of the global imports from 2007-2017, the share of Taiwan, Chinese (-X%), Zambia (-X%), Spain (-X%), the Philippines (-X%) and China (-X%) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

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

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

Copper Ore Import Prices by Country in Nigeria

In 2017, the copper ore import price in Nigeria amounted to $X per ton, going up by X% against the previous year. Over the last decade, it increased at an average annual rate of +X%. The most prominent rate of growth was recorded in 2012, an increase of X% year-to-year. Over the period under review, the import prices for copper ores and concentrates attained its peak figure level in 2017, and is likely to see steady growth in the near future.

Import prices varied noticeably by the country of destination; the country with the highest import price was India ($X per ton), while the Philippines ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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