Report Update Nov 1, 2024

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

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Nigeria: Iron Ore Market 2024

Iron Ore Market Size in Nigeria

In 2021, the Nigerien iron ore market decreased by -83.7% to $X, falling for the second consecutive year after three years of growth. Over the period under review, consumption showed a precipitous curtailment. Over the period under review, the market hit record highs at $X in 2019; however, from 2020 to 2021, consumption stood at a somewhat lower figure.

Iron Ore Production in Nigeria

In value terms, iron ore production contracted to $X in 2021 estimated in export price. The total output value increased at an average annual rate of +1.6% over the period from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed throughout the analyzed period. The pace of growth was the most pronounced in 2019 when the production volume increased by 3.5% against the previous year. Over the period under review, production attained the maximum level at $X in 2020, and then shrank slightly in the following year.

Iron Ore Exports

Exports from Nigeria

In 2021, shipments abroad of iron ores and concentrates increased by 66% to X tons, rising for the third year in a row after four years of decline. Over the period under review, exports continue to indicate a significant increase. The most prominent rate of growth was recorded in 2013 with an increase of 1,005% against the previous year. Over the period under review, the exports attained the maximum in 2021 and are likely to see steady growth in the near future.

In value terms, iron ore exports expanded sharply to $X in 2021. Overall, exports enjoyed a strong increase. The most prominent rate of growth was recorded in 2013 when exports increased by 900%. As a result, the exports attained the peak of $X. From 2014 to 2021, the growth of the exports remained at a somewhat lower figure.

Exports by Country

China (X tons) was the main destination for iron ore exports from Nigeria, with a 91% share of total exports. Moreover, iron ore exports to China exceeded the volume sent to the second major destination, Turkey (X tons), more than tenfold.

From 2012 to 2021, the average annual growth rate of volume to China stood at +11.3%.

In value terms, China ($X) and Turkey ($X) were the largest markets for iron ore exported from Nigeria worldwide.

China, with a CAGR of +8.2%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review.

Export Prices by Country

In 2021, the average iron ore export price amounted to $X per ton, with a decrease of -33.3% against the previous year. In general, the export price showed a sharp downturn. The most prominent rate of growth was recorded in 2019 an increase of 36% against the previous year. Over the period under review, the average export prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

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 Turkey ($X per ton), while the average price for exports to China totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Germany (-2.2%).

Iron Ore Imports

Imports into Nigeria

In 2021, approx. X tons of iron ores and concentrates were imported into Nigeria; rising by 167% compared with the previous year's figure. In general, imports, however, showed a abrupt curtailment. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, iron ore imports skyrocketed to $X in 2021. Over the period under review, imports recorded a notable increase. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

In 2021, Brazil (X tons) was the main supplier of iron ore to Nigeria, accounting for a 97% share of total imports. It was followed by China (X tons), with a 1.5% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from Brazil amounted to -5.5%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-22.3% per year) and the United States (-45.9% per year).

In value terms, Brazil ($X) constituted the largest supplier of iron ores and concentrates to Nigeria, comprising 99% of total imports. The second position in the ranking was held by China ($X), with a 0.4% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Brazil totaled +7.4%. The remaining supplying countries recorded the following average annual rates of imports growth: China (-29.7% per year) and the United States (-59.9% per year).

Import Prices by Country

In 2021, the average iron ore import price amounted to $X per ton, jumping by 39% against the previous year. Overall, the import price recorded buoyant growth. The pace of growth appeared the most rapid in 2018 an increase of 133% against the previous year. Over the period under review, average import prices attained the peak figure in 2021 and is expected to retain growth in the near future.

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 Brazil ($X per ton), while the price for the United States ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Brazil (+13.7%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

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

The countries with the highest volumes of iron ore consumption in 2020 were China, Australia and Russia, together comprising 74% of global consumption.

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

The country with the largest volume of iron ore production was Australia, comprising approx. 48% of total volume. Moreover, iron ore production in Australia exceeded the figures recorded by the second-largest producer, Brazil, threefold. Russia ranked third in terms of total production with a 15% share.

What are the leading suppliers of iron ores and concentrates to Nigeria?

In value terms, the largest iron ore suppliers to Nigeria were the United States $435) and China $420).

What are the leading importers of iron ores and concentrates from Nigeria?

In value terms, China remains the key foreign market for iron ore exports from Nigeria, comprising 271% of total exports. The second position in the ranking was occupied by South Africa $949), with a 2.6% share of total exports.

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

The average iron ore export price stood at $166 per ton in 2020, increasing by 15% against the previous year.

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

The average iron ore import price stood at $441 per ton in 2020, reducing by -7.4% 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 2030.

Product coverage:

Prodcom 07101000 - Iron ores and concentrates (excluding roasted iron pyrites)
Prodcom 07101010 -
Prodcom 07101020 -

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