Nigeria: Market for Copper Bars, Wire And Plates 2024

Market Size for Copper Bars, Wire And Plates in Nigeria

The Nigerien market for copper bars, wire and plates reduced markedly to $X in 2021, waning by -50.3% 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 recorded a abrupt setback. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market remained at a lower figure.

Exports of Copper Bars, Wire And Plates

Exports from Nigeria

In 2021, overseas shipments of copper bars, wire and plates increased by 27% to X tons, rising for the second year in a row after two years of decline. Over the period under review, exports, however, continue to indicate a mild contraction. The most prominent rate of growth was recorded in 2017 when exports increased by 121%. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports failed to regain momentum.

In value terms, copper bars, wire and plates exports rose sharply to $X in 2021. In general, exports, however, recorded a abrupt decline. The pace of growth appeared the most rapid in 2017 when exports increased by 229% against the previous year. As a result, the exports reached the peak of $X. From 2018 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

India (X tons), Togo (X tons) and Taiwan (Chinese) (X tons) were the main destinations of copper bars, wire and plates exports from Nigeria, with a combined 99% share of total exports.

From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Togo (with a CAGR of 0.0%), while the other leaders experienced mixed trend patterns.

In value terms, India ($X) emerged as the key foreign market for copper bars, wire and plates exports from Nigeria, comprising 54% of total exports. The second position in the ranking was taken by Taiwan (Chinese) ($X), with a 24% share of total exports. It was followed by Togo, with a 21% share.

From 2012 to 2021, the average annual rate of growth in terms of value to India stood at -12.7%. Exports to the other major destinations recorded the following average annual rates of exports growth: Taiwan (Chinese) (0.0% per year) and Togo (0.0% per year).

Export Prices by Country

The average export price for copper bars, wire and plates stood at $X per ton in 2021, shrinking by -12.8% against the previous year. In general, the export price continues to indicate a abrupt setback. The most prominent rate of growth was recorded in 2017 when the average export price increased by 49% against the previous year. The export price peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Taiwan (Chinese) ($X per ton), while the average price for exports to Togo ($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 Cameroon (-3.7%), while the prices for the other major destinations experienced a decline.

Imports of Copper Bars, Wire And Plates

Imports into Nigeria

Copper bars, wire and plates imports into Nigeria declined significantly to X tons in 2021, which is down by -53.4% on the previous year. Over the period under review, imports saw a abrupt decline. The growth pace was the most rapid in 2014 when imports increased by 48%. As a result, imports reached the peak of X tons. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

In value terms, copper bars, wire and plates imports declined notably to $X in 2021. In general, imports recorded a abrupt decline. The most prominent rate of growth was recorded in 2014 when imports increased by 43%. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

Ukraine (X tons), China (X tons) and Botswana (X tons) were the main suppliers of copper bars, wire and plates imports to Nigeria, with a combined 52% share of total imports. Egypt, Spain, Antigua and Barbuda, the United Arab Emirates, Russia, France, Belgium, Malaysia, Germany and Brazil lagged somewhat behind, together accounting for a further 29%.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Russia (with a CAGR of +5.7%), while imports for the other leaders experienced mixed trend patterns.

In value terms, Botswana ($X) constituted the largest supplier of copper bars, wire and plates to Nigeria, comprising 34% of total imports. The second position in the ranking was taken by Spain ($X), with a 10% share of total imports. It was followed by Egypt, with an 8.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value from Botswana amounted to +7.2%. The remaining supplying countries recorded the following average annual rates of imports growth: Spain (-16.9% per year) and Egypt (-18.1% per year).

Import Prices by Country

The average import price for copper bars, wire and plates stood at $X per ton in 2021, surging by 29% against the previous year. Overall, the import price, however, showed a mild setback. Over the period under review, average import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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 Botswana ($X per ton), while the price for China ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+10.5%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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