Nigeria: Market for Hot-Rolled Non-Alloy Steel Wire Rods 2024

Market Size for Hot-Rolled Non-Alloy Steel Wire Rods in Nigeria

The Nigerien market for hot-rolled non-alloy steel wire rods dropped rapidly to $X in 2021, waning by -24.9% against the previous year. In general, consumption, however, showed a resilient increase. As a result, consumption reached the peak level of $X, and then fell sharply in the following year.

Production of Hot-Rolled Non-Alloy Steel Wire Rods in Nigeria

In value terms, hot-rolled non-alloy steel wire rod production fell remarkably to $X in 2021 estimated in export price. In general, production, however, continues to indicate a resilient expansion. The pace of growth was the most pronounced in 2020 with an increase of 109%. As a result, production reached the peak level of $X, and then reduced markedly in the following year.

Exports of Hot-Rolled Non-Alloy Steel Wire Rods

Exports from Nigeria

In 2021, hot-rolled non-alloy steel wire rod exports from Nigeria soared to X tons, rising by 20% against the previous year. Overall, exports saw a significant expansion. The growth pace was the most rapid in 2020 when exports increased by 1,327%. The exports peaked in 2021 and are likely to continue growth in the near future.

In value terms, hot-rolled non-alloy steel wire rod exports shrank modestly to $X in 2021. Over the period under review, exports saw a significant expansion. The growth pace was the most rapid in 2020 with an increase of 2,210% against the previous year. As a result, the exports attained the peak of $X, leveling off in the following year.

Exports by Country

Benin (X tons) was the main destination for hot-rolled non-alloy steel wire rod exports from Nigeria, with a 97% share of total exports. It was followed by Niger (X tons), with a 1.6% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Benin stood at +59.0%.

In value terms, Benin ($X) remains the key foreign market for hot-rolled non-alloy steel wire rods exports from Nigeria, comprising 96% of total exports. The second position in the ranking was taken by Niger ($X), with a 1.5% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Benin stood at +68.8%.

Export Prices by Country

In 2021, the average export price for hot-rolled non-alloy steel wire rods amounted to $X per ton, which is down by -16.8% against the previous year. Overall, export price indicated a noticeable expansion from 2012 to 2021: its price increased at an average annual rate of +4.4% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, hot-rolled non-alloy steel wire rod export price increased by +34.7% against 2019 indices. The most prominent rate of growth was recorded in 2020 when the average export price increased by 62%. As a result, the export price reached the peak level of $X per ton, and then declined rapidly in the following year.

Average prices varied noticeably for the major foreign markets. In 2021, amid the top suppliers, the country with the highest price was Benin ($X per ton), while the average price for exports to Niger amounted to $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Togo (+42.3%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Hot-Rolled Non-Alloy Steel Wire Rods

Imports into Nigeria

In 2021, the amount of hot-rolled non-alloy steel wire rods imported into Nigeria fell sharply to X tons, with a decrease of -16.3% against the previous year. Over the period under review, imports recorded a sharp decrease. The smallest decline of -3% was in 2013. Over the period under review, imports reached the maximum at X tons in 2012; however, from 2013 to 2021, imports failed to regain momentum.

In value terms, hot-rolled non-alloy steel wire rod imports dropped modestly to $X in 2021. In general, imports saw a dramatic slump. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2021, imports failed to regain momentum.

Imports by Country

Ukraine (X tons), Germany (X tons) and Turkey (X tons) were the main suppliers of hot-rolled non-alloy steel wire rod imports to Nigeria, together comprising 65% of total imports. Hong Kong SAR, South Korea, Brazil, China, the United States, South Africa, the United Arab Emirates and India lagged somewhat behind, together accounting for a further 31%.

From 2012 to 2021, the biggest increases were recorded for South Korea (with a CAGR of -15.0%), while purchases for the other leaders experienced a decline.

In value terms, Germany ($X), Hong Kong SAR ($X) and Ukraine ($X) appeared to be the largest hot-rolled non-alloy steel wire rod suppliers to Nigeria, together comprising 63% of total imports.

Hong Kong SAR, with a CAGR of -18.5%, saw the highest growth rate of the value of imports, among the main suppliers over the period under review, while purchases for the other leaders experienced a decline.

Import Prices by Country

The average import price for hot-rolled non-alloy steel wire rods stood at $X per ton in 2021, rising by 17% against the previous year. Overall, import price indicated a notable increase from 2012 to 2021: its price increased at an average annual rate of +3.2% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, hot-rolled non-alloy steel wire rod import price increased by +71.0% against 2018 indices. The most prominent rate of growth was recorded in 2019 when the average import price increased by 31% against the previous year. Over the period under review, average import prices hit record highs in 2021 and is likely to continue growth in the near future.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United Arab Emirates ($X per ton), while the price for Turkey ($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 (+29.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform