Price for Iron or Steel; Non-Threaded Cotters and Cotter-Pins in Nigeria - 2022
Contents:
- Price for Iron or Steel; Non-Threaded Cotters and Cotter-Pins in Nigeria (CIF) - 2022
- Imports of Iron or Steel; Non-Threaded Cotters and Cotter-Pins in Nigeria
Price for Iron or Steel; Non-Threaded Cotters and Cotter-Pins in Nigeria (CIF) - 2022
The average import price for iron or steel; non-threaded cotters and cotter-pinses stood at $6,923 per ton in 2022, waning by -41.3% against the previous year. Overall, the import price showed a abrupt decline. The growth pace was the most rapid in 2021 when the average import price increased by 42%. The import price peaked at $22,451 per ton in 2013; however, from 2014 to 2022, import prices remained at a lower figure.
Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Italy ($61,043 per ton), while the price for the UK ($3,416 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Italy (+12.0%), while the prices for the other major suppliers experienced more modest paces of growth.
Imports of Iron or Steel; Non-Threaded Cotters and Cotter-Pins in Nigeria
For the fourth year in a row, Nigeria recorded growth in overseas purchases of iron or steel; non-threaded cotters and cotter-pinses, which increased by 7.5% to 98 tons in 2022. Over the period under review, total imports indicated buoyant growth from 2019 to 2022: its volume increased at an average annual rate of +16.1% over the last three years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +56.4% against 2019 indices. The most prominent rate of growth was recorded in 2020 with an increase of 35% against the previous year. Imports peaked in 2022 and are expected to retain growth in the near future.
In value terms, imports of iron or steel; non-threaded cotters and cotter-pinses fell significantly to $678K in 2022. In general, imports, however, recorded a perceptible contraction. The pace of growth appeared the most rapid in 2021 with an increase of 53% against the previous year. As a result, imports attained the peak of $1.1M, and then contracted sharply in the following year.
| Import of Iron or Steel; Non-Threaded Cotters and Cotter-Pins in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| United Kingdom | 123 | 218 | 156 | 166 | 10.5% |
| United States | 389 | 208 | 135 | 114 | -33.6% |
| India | N/A | 0.1 | 3.1 | 73.1 | 2603.7% |
| South Korea | N/A | N/A | 0.2 | 47.4 | 23600.0% |
| China | 10.8 | 13.9 | 48.7 | 36.8 | 50.5% |
| France | 13.4 | 16.9 | 153 | 35.9 | 38.9% |
| Belgium | 1.9 | 31.8 | 13.4 | 32.8 | 158.4% |
| Netherlands | 54.3 | 3.3 | 10.3 | 31.6 | -16.5% |
| Germany | 70.1 | 74.4 | 65.4 | 28.1 | -26.3% |
| Others | 92.2 | 136 | 490 | 112 | 6.7% |
| Total | 754 | 702 | 1,075 | 678 | -3.5% |
Top Suppliers of Iron or Steel; Non-Threaded Cotters and Cotter-Pins to Nigeria in 2022:
- United Kingdom (48.6 tons)
- India (17.4 tons)
- South Korea (7.1 tons)
- Germany (5.2 tons)
- Netherlands (3.6 tons)
- China (3.4 tons)
- Belgium (2.7 tons)
- France (2.5 tons)
- United States (2.0 tons)
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