Nigeria: Market for Wire Of Iron Or Non-Alloy Steel (Stainless Steel Or Other Alloy Steel) 2022

Market Size for Wire Of Iron Or Non-Alloy Steel (Stainless Steel Or Other Alloy Steel) in Nigeria

In 2020, the Nigerien iron and steel wire market decreased by -X% to $X for the first time since 2015, thus ending a four-year rising trend. Overall, consumption continues to indicate a deep setback. The growth pace was the most rapid in 2014 when the market value increased by X% against the previous year. Iron and steel wire consumption peaked at $X in 2019, and then reduced rapidly in the following year.

Exports of Wire Of Iron Or Non-Alloy Steel (Stainless Steel Or Other Alloy Steel)

Exports from Nigeria

In 2020, shipments abroad of wire of iron or non-alloy steel (stainless steel or other alloy steel) decreased by -X% to X tons, falling for the third consecutive year after two years of growth. In general, exports, however, showed strong growth. The most prominent rate of growth was recorded in 2009 when exports increased by X% y-o-y. Exports peaked at X tons in 2010; however, from 2011 to 2020, exports failed to regain the momentum.

In value terms, iron and steel wire exports contracted sharply to $X in 2020. Over the period under review, exports, however, saw a relatively flat trend pattern. The growth pace was the most rapid in 2009 when exports increased by X% year-to-year. Exports peaked at $X in 2011; however, from 2012 to 2020, exports stood at a somewhat lower figure.

Exports by Country

Niger (X tons), Gambia (X tons) and Benin (X kg) were the main destinations of iron and steel wire exports from Nigeria, with a combined X% share of total exports.

From 2007 to 2020, the biggest increases were in Gambia, while shipments for the other leaders experienced mixed trend patterns.

In value terms, Niger ($X) emerged as the key foreign market for iron and steel wire exports from Nigeria, comprising X% of total exports. The second position in the ranking was occupied by Gambia ($X), with a X% share of total exports.

From 2007 to 2020, the average annual growth rate of value to Niger amounted to +X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Gambia (+X% per year) and Benin (-X% per year).

Export Prices by Country

In 2020, the average iron and steel wire export price amounted to $X per ton, surging by X% against the previous year. Over the period under review, the export price, however, saw a noticeable shrinkage. The most prominent rate of growth was recorded in 2012 when the average export price increased by X% y-o-y. As a result, export price attained the peak level of $X per ton. from 2013 to 2020, the growth in terms of the average export prices remained at a lower figure.

There were significant differences in the average prices for the major export markets. In 2020, the country with the highest price was Niger ($X per ton), while the average price for exports to Gambia ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was recorded for supplies to Benin, while the prices for the other major destinations experienced mixed trend patterns.

Imports of Wire Of Iron Or Non-Alloy Steel (Stainless Steel Or Other Alloy Steel)

Imports into Nigeria

In 2020, purchases abroad of wire of iron or non-alloy steel (stainless steel or other alloy steel) decreased by -X% to X tons for the first time since 2015, thus ending a four-year rising trend. Overall, imports recorded a deep contraction. The pace of growth appeared the most rapid in 2014 with an increase of X% year-to-year. Over the period under review, imports reached the maximum at X tons in 2019, and then reduced remarkably in the following year.

In value terms, iron and steel wire imports dropped markedly to $X in 2020. Over the period under review, imports showed a abrupt setback. The most prominent rate of growth was recorded in 2014 when imports increased by X% y-o-y. As a result, imports attained the peak of $X. from 2015 to 2020, the growth imports remained at a lower figure.

Imports by Country

In 2020, China (X tons) constituted the largest supplier of iron and steel wire to Nigeria, accounting for a X% share of total imports. Moreover, iron and steel wire imports from China exceeded the figures recorded by the second-largest supplier, Turkey (X tons), fourfold. Togo (X tons) ranked third in terms of total imports with a X% share.

From 2007 to 2020, the average annual growth rate of volume from China stood at -X%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+X% per year) and Togo (+X% per year).

In value terms, China ($X) constituted the largest supplier of iron and steel wire to Nigeria, comprising X% of total imports. The second position in the ranking was occupied by Turkey ($X), with a X% share of total imports. It was followed by Togo, with a X% share.

From 2007 to 2020, the average annual growth rate of value from China stood at -X%. The remaining supplying countries recorded the following average annual rates of imports growth: Turkey (+X% per year) and Togo (+X% per year).

Import Prices by Country

The average iron and steel wire import price stood at $X per ton in 2020, with an increase of X% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. Over the period under review, average import prices hit record highs at $X per ton in 2008; however, from 2009 to 2020, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2020, the country with the highest price was India ($X per ton), while the price for Benin ($X per ton) was amongst the lowest.

From 2007 to 2020, the most notable rate of growth in terms of prices was attained by Qatar, while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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