Nigeria: Hot-Rolled Steel Products Market 2024

Hot-Rolled Steel Products Market Size in Nigeria

The Nigerien hot-rolled steel products market reduced dramatically to $X in 2022, which is down by X% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption continues to indicate a deep setback. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a somewhat lower figure.

Hot-Rolled Steel Products Exports

Exports from Nigeria

In 2022, after two years of decline, there was significant growth in shipments abroad of flat-rolled products of iron or steel (not further worked than hot-rolled), when their volume increased by X% to X tons. Over the period under review, exports, however, saw a abrupt downturn. The pace of growth was the most pronounced in 2016 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2012; however, from 2013 to 2022, the exports failed to regain momentum.

In value terms, hot-rolled steel products exports soared to $X in 2022. Overall, exports, however, saw a significant decrease. The most prominent rate of growth was recorded in 2019 when exports increased by X% against the previous year. Over the period under review, the exports attained the maximum at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Benin (X tons) was the main destination for hot-rolled steel products exports from Nigeria, accounting for a X% share of total exports. Moreover, hot-rolled steel products exports to Benin exceeded the volume sent to the second major destination, Canada (X tons), twofold.

From 2012 to 2022, the average annual growth rate of volume to Benin totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and Niger (X% per year).

In value terms, Benin ($X) remains the key foreign market for flat-rolled products of iron or steel (not further worked than hot-rolled) exports from Nigeria, comprising X% of total exports. The second position in the ranking was held by Canada ($X), with a X% share of total exports.

From 2012 to 2022, the average annual rate of growth in terms of value to Benin amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Canada (X% per year) and Niger (X% per year).

Export Prices by Country

In 2022, the average hot-rolled steel products export price amounted to $X per ton, reducing by X% against the previous year. In general, the export price continues to indicate a deep downturn. The growth pace was the most rapid in 2019 an increase of X% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2020; however, from 2021 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices for the major overseas markets. In 2022, amid the top suppliers, the country with the highest price was Benin ($X per ton), while the average price for exports to Canada ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Benin (X%), while the prices for the other major destinations experienced a decline.

Hot-Rolled Steel Products Imports

Imports into Nigeria

In 2022, the amount of flat-rolled products of iron or steel (not further worked than hot-rolled) imported into Nigeria fell significantly to X tons, waning by X% on the previous year's figure. Overall, imports recorded a pronounced decrease. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, imports hit record highs at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, hot-rolled steel products imports plummeted to $X in 2022. Over the period under review, imports saw a drastic downturn. The most prominent rate of growth was recorded in 2020 with an increase of X%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

China (X tons), Ukraine (X tons) and Japan (X tons) were the main suppliers of hot-rolled steel products imports to Nigeria, together comprising X% of total imports. Russia, Taiwan (Chinese), Brazil, Turkey, India, South Korea and South Africa lagged somewhat behind, together comprising a further X%.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Brazil (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, China ($X) constituted the largest supplier of flat-rolled products of iron or steel (not further worked than hot-rolled) to Nigeria, comprising X% of total imports. The second position in the ranking was held by Ukraine ($X), with a X% share of total imports. It was followed by Japan, with an X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (X% per year) and Japan (X% per year).

Import Prices by Country

In 2022, the average hot-rolled steel products import price amounted to $X per ton, almost unchanged from the previous year. Overall, the import price recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2017 an increase of X% against the previous year. The import price peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was South Africa ($X per ton), while the price for Ukraine ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by South Africa (X%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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