Price for Platinum; Unwrought or in Semi-Manufactured Forms in Nigeria - 2022

Contents:

1. Price for Platinum; Unwrought or in Semi-Manufactured Forms in Nigeria (CIF) - 2022
2. Price for Platinum; Unwrought or in Semi-Manufactured Forms in Nigeria (FOB) - 2022
3. Imports of Platinum; Unwrought or in Semi-Manufactured Forms in Nigeria
4. Exports of Platinum; Unwrought or in Semi-Manufactured Forms in Nigeria

Price for Platinum; Unwrought or in Semi-Manufactured Forms in Nigeria (CIF) - 2022

In 2022, the average import price for platinum; unwrought or in semi-manufactured formses amounted to $114,222 per ton, waning by -94% against the previous year. In general, the import price continues to indicate a sharp descent. The pace of growth appeared the most rapid in 2016 an increase of 99.9%. The import price peaked at $4,756,000 per ton in 2013; however, from 2014 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was the United States ($455,000 per ton), while the price for Indonesia ($86,318 per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by the UK (+17.2%), while the prices for the other major suppliers experienced mixed trend patterns.

Price for Platinum; Unwrought or in Semi-Manufactured Forms in Nigeria (FOB) - 2022

The average export price for platinum; unwrought or in semi-manufactured formses stood at $522,000 per ton in 2022, growing by 131% against the previous year. Overall, the export price, however, continues to indicate a sharp shrinkage. The growth pace was the most rapid in 2018 an increase of 1,102%. Over the period under review, the average export prices hit record highs at $14,609,000 per ton in 2014; however, from 2015 to 2022, the export prices remained at a lower figure.

As there is only one major export destination, the average price level is determined by prices for Niger.

From 2012 to 2022, the rate of growth in terms of prices for Niger amounted to -21.6% per year.

Imports of Platinum; Unwrought or in Semi-Manufactured Forms in Nigeria

In 2022, approx. 27 kg of platinum; unwrought or in semi-manufactured formses were imported into Nigeria; picking up by 440% compared with 2021 figures. In general, imports recorded a significant expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, imports of platinum; unwrought or in semi-manufactured formses dropped sharply to $3.1K in 2022. Overall, imports, however, saw a dramatic contraction. The smallest decline of -12.2% was in 2021.

Top Suppliers of Platinum; Unwrought or in Semi-Manufactured Forms to Nigeria in 2022:

1. Indonesia (22.0 kg)
2. Denmark (4.0 kg)
3. United States (1.0 kg)

Exports of Platinum; Unwrought or in Semi-Manufactured Forms in Nigeria

In 2022, after three years of growth, there was significant decline in shipments abroad of platinum; unwrought or in semi-manufactured formses, when their volume decreased by -66.7% to 1 kg. In general, exports saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2020 with an increase of 100% against the previous year.

In value terms, exports of platinum; unwrought or in semi-manufactured formses fell significantly to $522 in 2022. Overall, exports faced a precipitous shrinkage. The pace of growth was the most pronounced in 2021 when exports increased by 86% against the previous year.

Top Export Markets for Platinum; Unwrought or in Semi-Manufactured Forms from Nigeria in 2022:

1. Niger (1.0 kg)

Source: IndexBox Market Intelligence Platform