Price for Ferrous Waste and Scrap; of Tinned Iron or Steel in Nigeria - 2022
Contents:
- Price for Ferrous Waste and Scrap; of Tinned Iron or Steel in Nigeria (CIF) - 2022
- Price for Ferrous Waste and Scrap; of Tinned Iron or Steel in Nigeria (FOB) - 2022
- Imports of Ferrous Waste and Scrap; of Tinned Iron or Steel in Nigeria
- Exports of Ferrous Waste and Scrap; of Tinned Iron or Steel in Nigeria
Price for Ferrous Waste and Scrap; of Tinned Iron or Steel in Nigeria (CIF) - 2022
In 2022, the average import price for ferrous waste and scrap; of tinned iron or steels amounted to $2,629 per ton, with an increase of 698% against the previous year. In general, the import price showed a significant expansion. As a result, import price attained the peak level and is likely to continue growth in the immediate term.
Average prices varied noticeably amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($2,644 per ton), while the price for Canada amounted to $2,126 per ton.
From 2012 to 2022, the most notable rate of growth in terms of prices was attained by China (+34.9%), while the prices for the other major suppliers experienced more modest paces of growth.
Price for Ferrous Waste and Scrap; of Tinned Iron or Steel in Nigeria (FOB) - 2022
The average export price for ferrous waste and scrap; of tinned iron or steels stood at $240 per ton in 2022, which is down by -5.2% against the previous year. Overall, export price indicated a notable increase from 2012 to 2022: its price increased at an average annual rate of +2.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2018 an increase of 50%. Over the period under review, the average export prices hit record highs at $312 per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.
There were significant differences in the average prices for the major external markets. In 2022, amid the top suppliers, the country with the highest price was Niger ($706 per ton), while the average price for exports to Benin ($180 per ton) was amongst the lowest.
From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Niger (+14.5%).
Imports of Ferrous Waste and Scrap; of Tinned Iron or Steel in Nigeria
In 2022, imports of ferrous waste and scrap; of tinned iron or steels into Nigeria fell sharply to 46 tons, with a decrease of -84% against the previous year's figure. In general, imports faced a sharp setback. The pace of growth was the most pronounced in 2021 with an increase of 61%.
In value terms, imports of ferrous waste and scrap; of tinned iron or steels surged to $121K in 2022. Over the period under review, imports saw a deep contraction. The growth pace was the most rapid in 2021 when imports increased by 38%.
| Import of Ferrous Waste and Scrap; of Tinned Iron or Steel in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| China | 171 | 40.3 | 9.1 | 119 | -11.4% |
| Canada | N/A | N/A | N/A | 2.8 | 0% |
| Niger | 39.3 | 26.7 | 73.5 | N/A | 36.8% |
| Mali | 2.6 | 0.4 | 0.1 | N/A | -80.4% |
| Senegal | 10.8 | 1.4 | 0.2 | N/A | -86.4% |
| Others | N/A | N/A | 12.2 | N/A | 0% |
| Total | 223 | 68.7 | 95.0 | 121 | -18.4% |
Top Suppliers of Ferrous Waste and Scrap; of Tinned Iron or Steel to Nigeria in 2022:
- China (44.8 tons)
- Canada (1.3 tons)
Exports of Ferrous Waste and Scrap; of Tinned Iron or Steel in Nigeria
In 2022, overseas shipments of ferrous waste and scrap; of tinned iron or steels increased by 96% to 95 tons for the first time since 2019, thus ending a two-year declining trend. In general, exports, however, saw a dramatic decrease.
In value terms, exports of ferrous waste and scrap; of tinned iron or steels skyrocketed to $23K in 2022. Overall, exports, however, saw a precipitous descent.
| Export of Ferrous Waste and Scrap; of Tinned Iron or Steel in Nigeria (Thousand USD) | |||||
|---|---|---|---|---|---|
| COUNTRY | 2019 | 2020 | 2021 | 2022 | CAGR, 2019-2022 |
| Benin | 50.0 | 31.2 | 8.6 | 15.3 | -32.6% |
| Niger | 4.1 | 1.7 | 1.5 | 5.8 | 12.3% |
| Togo | N/A | N/A | N/A | 1.0 | 0% |
| Others | 1.0 | 0.5 | 2.2 | 0.8 | -7.2% |
| Total | 55.0 | 33.4 | 12.3 | 22.9 | -25.3% |
Top Export Markets for Ferrous Waste and Scrap; of Tinned Iron or Steel from Nigeria in 2022:
- Benin (84.9 tons)
- Niger (8.2 tons)
- Togo (1.9 tons)
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This report provides an in-depth analysis of the market for metal remelting scrap ingots in Nigeria.
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This report provides an in-depth analysis of the global market for metal remelting scrap ingots.
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