Nigeria: Iron Angle Market 2025

Iron Angle Market Size in Nigeria

The Nigerien iron angle market shrank dramatically to $X in 2021, waning by -47.1% 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). In general, consumption saw a abrupt setback. Iron angle consumption peaked at $X in 2014; however, from 2015 to 2021, consumption failed to regain momentum.

Iron Angle Exports

Exports from Nigeria

Iron angle exports from Nigeria expanded modestly to X tons in 2021, with an increase of 3.2% on 2020. Overall, exports continue to indicate a significant expansion. The pace of growth was the most pronounced in 2017 with an increase of 322% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2021, the exports stood at a somewhat lower figure.

In value terms, iron angle exports skyrocketed to $X in 2021. Over the period under review, exports showed a significant expansion. The most prominent rate of growth was recorded in 2017 with an increase of 472% against the previous year. The exports peaked in 2021 and are likely to continue growth in years to come.

Exports by Country

Ghana (X tons) was the main destination for iron angle exports from Nigeria, accounting for a 64% share of total exports. Moreover, iron angle exports to Ghana exceeded the volume sent to the second major destination, Benin (X tons), threefold. Burkina Faso (X tons) ranked third in terms of total exports with a 7.2% share.

From 2012 to 2021, the average annual growth rate of volume to Ghana totaled +39.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (+16.5% per year) and Burkina Faso (+28.4% per year).

In value terms, Ghana ($X) remains the key foreign market for angles, shapes and sections (of iron or non-alloy steel) exports from Nigeria, comprising 61% of total exports. The second position in the ranking was held by Benin ($X), with a 24% share of total exports. It was followed by Burkina Faso, with a 9.3% share.

From 2012 to 2021, the average annual growth rate of value to Ghana totaled +35.3%. Exports to the other major destinations recorded the following average annual rates of exports growth: Benin (+24.1% per year) and Burkina Faso (+35.4% per year).

Export Prices by Country

The average iron angle export price stood at $X per ton in 2021, surging by 29% against the previous year. Over the period under review, export price indicated notable growth from 2012 to 2021: its price increased at an average annual rate of +2.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, iron angle export price increased by +96.6% against 2019 indices. The most prominent rate of growth was recorded in 2020 when the average export price increased by 53% against the previous year. The export price peaked in 2021 and is likely to continue growth in the immediate term.

Average prices varied somewhat for the major export markets. In 2021, amid the top suppliers, the highest price was recorded for prices to Burkina Faso ($X per ton) and Benin ($X per ton), while the average price for exports to Ghana ($X per ton) and Niger ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Benin (+6.5%), while the prices for the other major destinations experienced more modest paces of growth.

Iron Angle Imports

Imports into Nigeria

In 2021, approx. X tons of angles, shapes and sections (of iron or non-alloy steel) were imported into Nigeria; with a decrease of -50.7% against the previous year's figure. In general, imports saw a deep slump. The pace of growth was the most pronounced in 2018 with an increase of 199%. Over the period under review, imports hit record highs at X tons in 2020, and then fell rapidly in the following year.

In value terms, iron angle imports reduced notably to $X in 2021. Overall, imports showed a abrupt decrease. The most prominent rate of growth was recorded in 2018 with an increase of 209% against the previous year. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of iron angle to Nigeria, with a 41% share of total imports. Moreover, iron angle imports from China exceeded the figures recorded by the second-largest supplier, Ukraine (X tons), threefold. Turkey (X tons) ranked third in terms of total imports with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China was relatively modest. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (-11.8% per year) and Turkey (+10.5% per year).

In value terms, China ($X) constituted the largest supplier of angles, shapes and sections (of iron or non-alloy steel) to Nigeria, comprising 44% of total imports. The second position in the ranking was taken by Ukraine ($X), with a 13% share of total imports. It was followed by Turkey, with a 12% share.

From 2012 to 2021, the average annual growth rate of value from China amounted to +4.4%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (-16.0% per year) and Turkey (+9.7% per year).

Import Prices by Country

In 2021, the average iron angle import price amounted to $X per ton, surging by 12% against the previous year. Over the period under review, the import price, however, continues to indicate a slight shrinkage. Over the period under review, average import prices attained the maximum at $X per ton in 2014; however, from 2015 to 2021, import prices stood at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2021, amid the top importers, the countries with the highest prices were China ($X per ton) and Turkey ($X per ton), while the price for Russia ($X per ton) and South Africa ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+4.1%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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