Report Update Nov 1, 2024

Nigeria - Iron Ores - Market Analysis, Forecast, Size, Trends and Insights

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Nigeria: Iron Ore Market 2021

Iron Ore Market Size in Nigeria

After two years of decline, the Nigerien iron ore market increased by X% to $X in 2019. In general, consumption recorded a relatively flat trend pattern. The growth pace was the most rapid in 2008 with an increase of X% against the previous year. Iron ore consumption peaked at $X in 2011; however, from 2012 to 2019, consumption remained at a lower figure.

Iron Ore Production in Nigeria

In value terms, iron ore production rose notably to $X in 2019 estimated in export prices. Over the period under review, production showed a slight downturn. The most prominent rate of growth was recorded in 2008 when the production volume increased by X% against the previous year. Iron ore production peaked at $X in 2011; however, from 2012 to 2019, production stood at a somewhat lower figure.

Iron Ore Exports

Exports from Nigeria

In 2019, shipments abroad of iron ores increased by X% to X tons, rising for the third consecutive year after three years of decline. Over the period under review, exports, however, continue to indicate a significant decline. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. Over the period under review, exports attained the maximum at X tons in 2009; however, from 2010 to 2019, exports stood at a somewhat lower figure.

In value terms, iron ore exports soared to $X in 2019. In general, exports, however, saw a sharp downturn. The most prominent rate of growth was recorded in 2018 when exports increased by X% year-to-year. Over the period under review, exports reached the peak figure at $X in 2013; however, from 2014 to 2019, exports remained at a lower figure.

Exports by Country

Germany (X tons), China (X tons) and South Africa (X tons) were the main destinations of iron ore exports from Nigeria, together comprising X% of total exports.

From 2007 to 2019, the most notable rate of growth in terms of shipments, amongst the main countries of destination, was attained by South Africa, while exports for the other leaders experienced mixed trend patterns.

In value terms, Germany ($X), China ($X) and South Africa ($X) appeared to be the largest markets for iron ore exported from Nigeria worldwide, with a combined X% share of total exports.

South Africa saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

The average iron ore export price stood at $X per ton in 2019, increasing by X% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2010 when the average export price increased by X% y-o-y. Over the period under review, average export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2019, export prices remained at a lower figure.

Average prices varied somewhat for the major overseas markets. In 2019, the country with the highest price was South Africa ($X per ton), while the average price for exports to China ($X per ton) was amongst the lowest.

From 2007 to 2019, the most notable rate of growth in terms of prices was recorded for supplies to Germany, while the prices for the other major destinations experienced a decline.

Iron Ore Imports

Imports into Nigeria

In 2019, overseas purchases of iron ores decreased by -X% to X tons, falling for the fifth consecutive year after three years of growth. Over the period under review, imports, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2010 with an increase of X% y-o-y. Imports peaked at X tons in 2014; however, from 2015 to 2019, imports stood at a somewhat lower figure.

In value terms, iron ore imports declined sharply to $X in 2019. Overall, imports, however, posted a strong expansion. The pace of growth appeared the most rapid in 2010 when imports increased by X% against the previous year. As a result, imports attained the peak of $X. From 2011 to 2019, the growth imports remained at a somewhat lower figure.

Imports by Country

In 2019, Brazil (X tons) was the main iron ore supplier to Nigeria, with a approx. X% share of total imports.

From 2007 to 2019, the average annual rate of growth in terms of volume from Brazil was relatively modest.

In value terms, Brazil ($X) constituted the largest supplier of iron ore to Nigeria.

From 2007 to 2019, the average annual rate of growth in terms of value from Brazil amounted to +X%.

Import Prices by Country

In 2019, the average iron ore import price amounted to $X per ton, rising by X% against the previous year. Overall, the import price continues to indicate a strong expansion. The pace of growth was the most pronounced in 2010 when the average import price increased by X% year-to-year. Over the period under review, average import prices attained the maximum in 2019 and is expected to retain growth in years to come.

As there is only one major supplying country, the average price level is determined by prices for Brazil.

From 2007 to 2019, the rate of growth in terms of prices for Brazil amounted to +X% per year.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for iron ores in the world?

The country with the largest volume of iron ore consumption was China, comprising approx. 54% of total volume. Moreover, iron ore consumption in China exceeded the figures recorded by the second-largest consumer, India, eightfold. Australia ranked third in terms of total consumption with a 6.1% share.

What are the largest producers of iron ores in the world?

The countries with the highest volumes of iron ore production in 2019 were Australia, Brazil and China, together accounting for 70% of global production.

What are the leading suppliers of iron ores to Nigeria?

In value terms, Brazil constituted the largest supplier of iron ore to Nigeria.

What are the leading importers of iron ores from Nigeria?

In value terms, the largest markets for iron ore exported from Nigeria were Germany, China and South Africa $455), with a combined 99% share of total exports.

What is the average export price for iron ores in Nigeria?

The average iron ore export price stood at $103 per ton in 2019, surging by 14% against the previous year.

What is the average import price for iron ores in Nigeria?

In 2019, the average iron ore import price amounted to $359 per ton, picking up by 43% against the previous year.

This report provides an in-depth analysis of the iron ore market 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 2025.

Product coverage:

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
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. MARKET STRUCTURE
3. TRADE BALANCE
4. PER CAPITA CONSUMPTION
5. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption In 2012-2023
5. Imports, In Physical Terms, By Country, 2012–2023
6. Imports, In Value Terms, By Country, 2012–2023
7. Import Prices, By Country Of Origin, 2012–2023
8. Exports, In Physical Terms, By Country, 2012–2023
9. Exports, In Value Terms, By Country, 2012–2023
10. Export Prices, By Country Of Destination, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
4. Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
5. Trade Balance, In Physical Terms, 2012-2023
6. Trade Balance, In Value Terms, 2012-2023
7. Per Capita Consumption, 2012-2023
8. Market Volume Forecast to 2030
9. Market Value Forecast to 2030
10. Products: Market Size And Growth, By Type
11. Products: Average Per Capita Consumption, By Type
12. Products: Exports And Growth, By Type
13. Products: Export Prices And Growth, By Type
14. Production Volume And Growth
15. Exports And Growth
16. Export Prices And Growth
17. Market Size And Growth
18. Per Capita Consumption
19. Imports And Growth
20. Import Prices
21. Production, In Physical Terms, 2012–2023
22. Production, In Value Terms, 2012–2023
23. Imports, In Physical Terms, 2012–2023
24. Imports, In Value Terms, 2012–2023
25. Imports, In Physical Terms, By Country, 2023
26. Imports, In Physical Terms, By Country, 2012–2023
27. Imports, In Value Terms, By Country, 2012–2023
28. Import Prices, By Country Of Origin, 2012–2023
29. Exports, In Physical Terms, 2012–2023
30. Exports, In Value Terms, 2012–2023
31. Exports, In Physical Terms, By Country, 2023
32. Exports, In Physical Terms, By Country, 2012–2023
33. Exports, In Value Terms, By Country, 2012–2023
34. Export Prices, By Country Of Destination, 2012–2023