Nigeria: Market for Hot-Rolled Steel Bars and Rods 2025

Market Size for Hot-Rolled Steel Bars and Rods in Nigeria

The Nigerien market for hot-rolled steel bars and rods dropped rapidly to $X in 2021, reducing by -85.4% 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 faced a sharp slump. Hot-rolled steel bar and rod consumption peaked at $X in 2013; however, from 2014 to 2021, consumption stood at a somewhat lower figure.

Exports of Hot-Rolled Steel Bars and Rods

Exports from Nigeria

In 2021, overseas shipments of hot-rolled steel bars and rods were finally on the rise to reach X tons after two years of decline. Over the period under review, exports saw a resilient expansion. Over the period under review, the exports attained the maximum at X tons in 2018; however, from 2019 to 2021, the exports remained at a lower figure.

In value terms, hot-rolled steel bar and rod exports surged to $X in 2021. Overall, exports saw a prominent increase. Over the period under review, the exports reached the maximum at $X in 2018; however, from 2019 to 2021, the exports failed to regain momentum.

Exports by Country

Benin (X tons) was the main destination for hot-rolled steel bar and rod exports from Nigeria, accounting for a 78% share of total exports. Moreover, hot-rolled steel bar and rod exports to Benin exceeded the volume sent to the second major destination, Niger (X tons), sevenfold. The third position in this ranking was taken by Cote d'Ivoire (X tons), with a 3.6% share.

From 2012 to 2021, the average annual growth rate of volume to Benin totaled +54.1%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (+86.7% per year) and Cote d'Ivoire (+77.1% per year).

In value terms, Benin ($X) emerged as the key foreign market for hot-rolled steel bars and rods exports from Nigeria, comprising 83% of total exports. The second position in the ranking was held by Niger ($X), with an 8.3% share of total exports. It was followed by Cote d'Ivoire, with a 2.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value to Benin stood at +63.0%. Exports to the other major destinations recorded the following average annual rates of exports growth: Niger (+90.5% per year) and Cote d'Ivoire (+81.1% per year).

Export Prices by Country

In 2021, the average export price for hot-rolled steel bars and rods amounted to $X per ton, jumping by 34% against the previous year. Overall, the export price, however, saw a relatively flat trend pattern. Over the period under review, the average export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Ghana ($X per ton), while the average price for exports to Togo ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Senegal (+188.7%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hot-Rolled Steel Bars and Rods

Imports into Nigeria

In 2021, purchases abroad of hot-rolled steel bars and rods was finally on the rise to reach X tons for the first time since 2018, thus ending a two-year declining trend. Overall, imports, however, recorded a dramatic decrease. The most prominent rate of growth was recorded in 2018 with an increase of 25% against the previous year. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2021, imports remained at a lower figure.

In value terms, hot-rolled steel bar and rod imports contracted to $X in 2021. Over the period under review, imports, however, continue to indicate a precipitous setback. The growth pace was the most rapid in 2018 when imports increased by 24%. Imports peaked at $X in 2013; however, from 2014 to 2021, imports failed to regain momentum.

Imports by Country

In 2021, China (X tons) constituted the largest hot-rolled steel bar and rod supplier to Nigeria, accounting for a 73% share of total imports. Moreover, hot-rolled steel bar and rod imports from China exceeded the figures recorded by the second-largest supplier, Hong Kong SAR (X tons), more than tenfold. The third position in this ranking was taken by Ukraine (X tons), with a 4.6% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from China stood at -10.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (-14.3% per year) and Ukraine (-44.9% per year).

In value terms, China ($X) constituted the largest supplier of hot-rolled steel bars and rods to Nigeria, comprising 82% of total imports. The second position in the ranking was held by Hong Kong SAR ($X), with a 4.2% share of total imports. It was followed by South Korea, with a 1.7% share.

From 2012 to 2021, the average annual rate of growth in terms of value from China amounted to -6.0%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (-14.4% per year) and South Korea (-22.3% per year).

Import Prices by Country

In 2021, the average import price for hot-rolled steel bars and rods amounted to $X per ton, declining by -20.7% against the previous year. In general, import price indicated a tangible expansion from 2012 to 2021: its price increased at an average annual rate of +3.5% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2019 when the average import price increased by 46%. Over the period under review, average import prices attained the maximum at $X per ton in 2020, and then dropped significantly in the following year.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for Ukraine ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+4.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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