
Nigeria - Crude Steel and Steel Semi-Finished Products - Market Analysis, Forecast, Size, Trends and Insights
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View PricingNigeria: Market for Raw Steel And Steel Semi-Finished Products 2025
Exports of Raw Steel And Steel Semi-Finished Products
Exports from Nigeria
In 2021, shipments abroad of raw steel and steel semi-finished products decreased by -35.4% to X tons, falling for the fourth consecutive year after three years of growth. Overall, exports saw a deep slump. The growth pace was the most rapid in 2017 when exports increased by 364%. As a result, the exports reached the peak of X tons. From 2018 to 2021, the growth of the exports of remained at a lower figure.
In value terms, exports of raw steel and steel semi-finished products soared to $X in 2021. In general, exports faced a abrupt curtailment. The pace of growth appeared the most rapid in 2017 with an increase of 1,084%. As a result, the exports attained the peak of $X. From 2018 to 2021, the growth of the exports of remained at a somewhat lower figure.
Exports by Country
India (X tons), Thailand (X tons) and Niger (X tons) were the main destinations of exports of raw steel and steel semi-finished products from Nigeria, together comprising 83% of total exports.
From 2012 to 2021, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by Niger (with a CAGR of +72.2%), while the other leaders experienced more modest paces of growth.
In value terms, India ($X) remains the key foreign market for raw steel and steel semi-finished products exports from Nigeria, comprising 56% of total exports. The second position in the ranking was held by Thailand ($X), with a 24% share of total exports. It was followed by Spain, with an 8.7% share.
From 2012 to 2021, the average annual rate of growth in terms of value to India amounted to +1.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: Thailand (0.0% per year) and Spain (-2.6% per year).
Export Prices by Country
In 2021, the average export price for raw steel and steel semi-finished products amounted to $X per ton, with an increase of 148% against the previous year. Overall, the export price saw a buoyant increase. The growth pace was the most rapid in 2017 an increase of 155% against the previous year. Over the period under review, the average export prices reached the peak figure in 2021 and is likely to see steady growth in years to come.
Prices varied noticeably country of destination: the country with the highest price was India ($X per ton), while the average price for exports to Niger ($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 Spain (+33.1%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Raw Steel And Steel Semi-Finished Products
Imports into Nigeria
In 2021, after two years of growth, there was significant decline in purchases abroad of raw steel and steel semi-finished products, when their volume decreased by -11.9% to X tons. Over the period under review, imports, however, recorded a prominent expansion. The pace of growth was the most pronounced in 2019 when imports increased by 957% against the previous year. Imports peaked at X tons in 2020, and then shrank in the following year.
In value terms, imports of raw steel and steel semi-finished products dropped to $X in 2021. In general, imports, however, posted buoyant growth. The growth pace was the most rapid in 2019 with an increase of 511%. Over the period under review, imports of attained the maximum at $X in 2020, and then declined in the following year.
Imports by Country
Brazil (X tons), Ukraine (X tons) and Russia (X tons) were the main suppliers of imports of raw steel and steel semi-finished products to Nigeria, with a combined 90% share of total imports.
From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the main suppliers, was attained by Ukraine (with a CAGR of +29.5%), while imports for the other leaders experienced more modest paces of growth.
In value terms, the largest raw steel and steel semi-finished products suppliers to Nigeria were Russia ($X), Ukraine ($X) and Brazil ($X), together comprising 83% of total imports. These countries were followed by the United Arab Emirates and Turkey, which together accounted for a further 15%.
In terms of the main suppliers, the United Arab Emirates, with a CAGR of +52.9%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.
Import Prices by Country
The average import price for raw steel and steel semi-finished products stood at $X per ton in 2021, rising by 5.1% against the previous year. In general, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the average import price increased by 58%. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the average import prices remained at a somewhat lower figure.
Prices varied noticeably country of origin: the country with the highest price was Turkey ($X per ton), while the price for Brazil ($X per ton) was amongst the lowest.
From 2012 to 2021, the most notable rate of growth in terms of prices was attained by the United Arab Emirates (+22.6%), while the prices for the other major suppliers experienced more modest paces of growth.
Source: IndexBox Platform
Frequently Asked Questions (FAQ) :
This report provides an in-depth analysis of the market for raw steel and steel semi-finished products in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 24102110 - Flat semi-finished products (of non-alloy steel)
- Prodcom 24102121 - Ingots, other primary forms and long semi-finished products for seamless tubes (of non-alloy steel)
- Prodcom 24102122 - Other ingots, primary forms and long semi-finished products including blanks (of non-alloy steel)
- Prodcom 24102210 - Flat semi-finished products (slabs) (of stainless steel)
- Prodcom 24102221 - Ingots, other primary forms and long semi-finished products for seamless tubes (of stainless steel)
- Prodcom 24102222 - Other ingots, primary forms and long semi-finished products (of stainless steel)
- Prodcom 24102310 - Flat semi-finished products (of alloy steel other than of stainless steel)
- Prodcom 24102321 - Ingots, other primary forms and long semi-finished products for seamless tubes (of alloy steel other than of stainless steel)
- Prodcom 24102322 - Other ingots, primary forms and long semi-finished products (of alloy steel other than of stainless steel)
Country coverage:
- Nigeria
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Nigeria
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND THE AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDSThis Chapter is Available Only for the Professional EditionPRO
3. MARKET OVERVIEW
Understanding the Current State of The Market and its Prospects
- MARKET SIZE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- MARKET STRUCTURE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- TRADE BALANCE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- PER CAPITA CONSUMPTION: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- MARKET FORECAST TO 2035
4. MOST PROMISING PRODUCTS FOR DIVERSIFICATION
Finding New Products to Diversify Your Business
- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCTS
- MOST TRADED PRODUCTS
- MOST PROFITABLE PRODUCTS FOR EXPORTS
5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Export
- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- IMPORTS BY COUNTRY: HISTORICAL DATA (2012–2024)
- IMPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2024)
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS: HISTORICAL DATA (2012–2024) AND FORECAST (2025–2035)
- EXPORTS BY COUNTRY: HISTORICAL DATA (2012–2024)
- EXPORT PRICES BY COUNTRY: HISTORICAL DATA (2012–2024)
10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
LIST OF TABLES
- Key Findings In 2024
- Market Volume, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Market Value: Historical Data (2012–2024) and Forecast (2025–2035)
- Per Capita Consumption: Historical Data (2012–2024) and Forecast (2025–2035)
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country, 2012–2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, By Country, 2012–2024
LIST OF FIGURES
- Market Volume, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Market Value: Historical Data (2012–2024) and Forecast (2025–2035)
- Market Structure – Domestic Supply vs. Imports, in Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Market Structure – Domestic Supply vs. Imports, in Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Trade Balance, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Trade Balance, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Per Capita Consumption: Historical Data (2012–2024) and Forecast (2025–2035)
- Market Volume Forecast to 2035
- Market Value Forecast to 2035
- Market Size and Growth, By Product
- Average Per Capita Consumption, By Product
- Exports and Growth, By Product
- Export Prices and Growth, By Product
- Production Volume and Growth
- Exports and Growth
- Export Prices and Growth
- Market Size and Growth
- Per Capita Consumption
- Imports and Growth
- Import Prices
- Production, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Production, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Imports, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Imports, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Imports, In Physical Terms, By Country, 2024
- Imports, In Physical Terms, By Country, 2012–2024
- Imports, In Value Terms, By Country, 2012–2024
- Import Prices, By Country, 2012–2024
- Exports, In Physical Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Exports, In Value Terms: Historical Data (2012–2024) and Forecast (2025–2035)
- Exports, In Physical Terms, By Country, 2024
- Exports, In Physical Terms, By Country, 2012–2024
- Exports, In Value Terms, By Country, 2012–2024
- Export Prices, By Country, 2012–2024
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