Nigeria: Steel Plaited Band Market 2024

Steel Plaited Band Market Size in Nigeria

The Nigerien steel plaited band market surged to $X in 2022, growing 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, however, recorded a mild setback. Steel plaited band consumption peaked at $X in 2018; however, from 2019 to 2022, consumption failed to regain momentum.

Steel Plaited Band Exports

Exports from Nigeria

In 2022, shipments abroad of iron or steel plaited bands and slings decreased by X% to X kg, falling for the third consecutive year after two years of growth. Over the period under review, exports showed a precipitous decline. The growth pace was the most rapid in 2019 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2020 to 2022, the growth of the exports failed to regain momentum.

In value terms, steel plaited band exports shrank significantly to $X in 2022. Overall, exports continue to indicate a dramatic descent. The most prominent rate of growth was recorded in 2016 with an increase of X% against the previous year. The exports peaked at $X in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

Exports by Country

South Africa (X kg) was the main destination for steel plaited band exports from Nigeria, accounting for a X% share of total exports. Moreover, steel plaited band exports to South Africa exceeded the volume sent to the second major destination, Niger (X kg), fourfold. Benin (X kg) ranked third in terms of total exports with a X% share.

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

In value terms, South Africa ($X) emerged as the key foreign market for iron or steel plaited bands and slings exports from Nigeria, comprising X% of total exports. The second position in the ranking was held by Niger ($X), with a X% share of total exports. It was followed by Benin, with a X% share.

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

Export Prices by Country

The average steel plaited band export price stood at $X per ton in 2022, waning by X% against the previous year. Overall, the export price, however, showed slight growth. The pace of growth was the most pronounced in 2014 when the average export price increased by X%. Over the period under review, the average export prices reached the maximum at $X per ton in 2021, and then contracted sharply in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was South Africa ($X per ton), while the average price for exports to Burundi ($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 Gabon (X%), while the prices for the other major destinations experienced more modest paces of growth.

Steel Plaited Band Imports

Imports into Nigeria

After three years of decline, supplies from abroad of iron or steel plaited bands and slings increased by X% to X tons in 2022. Overall, imports, however, recorded a noticeable shrinkage. The pace of growth was the most pronounced in 2017 when imports increased by X%. Imports peaked at X tons in 2018; however, from 2019 to 2022, imports stood at a somewhat lower figure.

In value terms, steel plaited band imports skyrocketed to $X in 2022. Over the period under review, imports recorded tangible growth. The growth pace was the most rapid in 2013 with an increase of X%. Imports peaked at $X in 2015; however, from 2016 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, India (X tons) constituted the largest steel plaited band supplier to Nigeria, accounting for a X% share of total imports. Moreover, steel plaited band imports from India exceeded the figures recorded by the second-largest supplier, China (X tons), twofold. The third position in this ranking was held by Germany (X tons), with a X% share.

From 2012 to 2022, the average annual growth rate of volume from India amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: China (X% per year) and Germany (X% per year).

In value terms, Germany ($X) constituted the largest supplier of iron or steel plaited bands and slings to Nigeria, comprising X% of total imports. The second position in the ranking was held by India ($X), with a X% share of total imports. It was followed by the United Arab Emirates, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value from Germany amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: India (X% per year) and the United Arab Emirates (X% per year).

Import Prices by Country

In 2022, the average steel plaited band import price amounted to $X per ton, with an increase of X% against the previous year. In general, the import price showed a strong expansion. The pace of growth appeared the most rapid in 2020 when the average import price increased by X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2021 to 2022, the average 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 Germany ($X per ton), while the price for India ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform

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