Nigeria: Market for Ribbed Or Other Deformed Wire Rod Of Non-Alloy Steel 2025

Market Size for Ribbed Or Other Deformed Wire Rod Of Non-Alloy Steel in Nigeria

After two years of growth, the Nigerien market for ribbed or other deformed wire rod of non-alloy steel decreased by -12.4% to $X in 2021. Overall, consumption, however, posted prominent growth. Over the period under review, the market attained the peak level at $X in 2020, and then dropped in the following year.

Production of Ribbed Or Other Deformed Wire Rod Of Non-Alloy Steel in Nigeria

In value terms, deformed non-alloy steel wire rod production contracted to $X in 2021 estimated in export price. Overall, production, however, posted a strong increase. The most prominent rate of growth was recorded in 2017 with an increase of 77%. Over the period under review, production hit record highs at $X in 2020, and then fell in the following year.

Exports of Ribbed Or Other Deformed Wire Rod Of Non-Alloy Steel

Exports from Nigeria

For the sixth consecutive year, Nigeria recorded decline in shipments abroad of ribbed or other deformed wire rod of non-alloy steel, which decreased by -20.7% to X tons in 2021. Over the period under review, exports saw a abrupt decline. The pace of growth was the most pronounced in 2015 with an increase of 594% against the previous year. As a result, the exports attained the peak of X tons. From 2016 to 2021, the growth of the exports failed to regain momentum.

In value terms, deformed non-alloy steel wire rod exports contracted to $X in 2021. Overall, exports faced a abrupt curtailment. The most prominent rate of growth was recorded in 2015 when exports increased by 784% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2021, the growth of the exports failed to regain momentum.

Exports by Country

Ghana (X tons) was the main destination for deformed non-alloy steel wire rod exports from Nigeria, accounting for a 87% share of total exports. Moreover, deformed non-alloy steel wire rod exports to Ghana exceeded the volume sent to the second major destination, Niger (X tons), sixfold.

From 2012 to 2021, the average annual rate of growth in terms of volume to Ghana totaled -15.5%.

In value terms, Ghana ($X) remains the key foreign market for ribbed or other deformed wire rod of non-alloy steel exports from Nigeria, comprising 74% of total exports. The second position in the ranking was held by Niger ($X), with a 26% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value to Ghana amounted to -13.1%.

Export Prices by Country

In 2021, the average export price for ribbed or other deformed wire rod of non-alloy steel amounted to $X per ton, with an increase of 18% against the previous year. Overall, the export price enjoyed noticeable growth. The most prominent rate of growth was recorded in 2016 an increase of 74%. Over the period under review, the average export prices hit record highs in 2021 and is likely to see steady growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Niger ($X per ton), while the average price for exports to Ghana totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Niger (+26.0%).

Imports of Ribbed Or Other Deformed Wire Rod Of Non-Alloy Steel

Imports into Nigeria

In 2021, overseas purchases of ribbed or other deformed wire rod of non-alloy steel increased by 43% to X tons, rising for the third year in a row after four years of decline. Overall, imports continue to indicate a prominent increase. The pace of growth appeared the most rapid in 2019 when imports increased by 115%. Over the period under review, imports attained the maximum in 2021 and are likely to see steady growth in the near future.

In value terms, deformed non-alloy steel wire rod imports skyrocketed to $X in 2021. In general, imports enjoyed significant growth. The pace of growth appeared the most rapid in 2019 when imports increased by 147%. Imports peaked in 2021 and are expected to retain growth in the immediate term.

Imports by Country

In 2021, Germany (X tons) was the main supplier of deformed non-alloy steel wire rod to Nigeria, accounting for a 99% share of total imports. It was followed by China (X kg), with less than 0.1% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of volume from Germany amounted to +26.7%.

In value terms, Germany ($X) constituted the largest supplier of ribbed or other deformed wire rod of non-alloy steel to Nigeria, comprising 99% of total imports. The second position in the ranking was taken by China ($X), with less than 0.1% share of total imports.

From 2012 to 2021, the average annual rate of growth in terms of value from Germany stood at +34.3%.

Import Prices by Country

In 2021, the average import price for ribbed or other deformed wire rod of non-alloy steel amounted to $X per ton, with a decrease of -8.1% against the previous year. In general, import price indicated a prominent expansion from 2012 to 2021: its price increased at an average annual rate of +5.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The growth pace was the most rapid in 2019 an increase of 15% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2020, and then reduced in the following year.

Average prices varied noticeably amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Germany ($X per ton), while the price for China totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Germany (+6.0%).

Source: IndexBox Platform

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