Nigeria: 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

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