Nigeria - Hot-Rolled Steel Bars and Rods - Market Analysis, Forecast, Size, Trends and Insights
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View PricingNigeria: Market for Hot-Rolled Steel Bars and Rods 2024
Market Size for Hot-Rolled Steel Bars and Rods in Nigeria
After three years of growth, the Nigerien market for hot-rolled steel bars and rods decreased by X% to less than $X in 2023. In general, consumption continues to indicate a sharp contraction. Hot-rolled steel bar and rod consumption peaked at $X in 2013; however, from 2014 to 2023, consumption stood at a somewhat lower figure.
Production of Hot-Rolled Steel Bars and Rods in Nigeria
In value terms, hot-rolled steel bar and rod production totaled $X in 2023 estimated in export price. In general, production faced a sharp slump. The most prominent rate of growth was recorded in 2022 when the production volume decreased by X% against the previous year. Over the period under review, production reached the peak level at $X in 2021; however, from 2022 to 2023, production remained at a lower figure.
Exports of Hot-Rolled Steel Bars and Rods
Exports from Nigeria
In 2023, approx. X tons of hot-rolled steel bars and rods were exported from Nigeria; picking up by X% on the year before. Over the period under review, exports saw a significant increase. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The exports peaked at X tons in 2018; however, from 2019 to 2023, the exports stood at a somewhat lower figure.
In value terms, hot-rolled steel bar and rod exports soared to $X in 2023. In general, exports showed a significant increase. The pace of growth was the most pronounced in 2021 with an increase of X%. Over the period under review, the exports reached the peak figure in 2023 and are likely to see steady growth in years to come.
Exports by Country
Benin (X tons) was the main destination for hot-rolled steel bar and rod exports from Nigeria, accounting for a X% share of total exports. It was followed by Togo (X tons), with a X% share of total exports. Niger (X tons) ranked third in terms of total exports with a X% share.
From 2012 to 2023, the average annual rate of growth in terms of volume to Benin stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Togo (X% per year) and Niger (X% per year).
In value terms, Benin ($X) remains the key foreign market for hot-rolled steel bars and rods exports from Nigeria, comprising X% of total exports. The second position in the ranking was taken by Togo ($X), with a X% share of total exports. It was followed by Niger, with a X% share.
From 2012 to 2023, the average annual growth rate of value to Benin totaled X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Togo (X% per year) and Niger (X% per year).
Export Prices by Country
In 2023, the average export price for hot-rolled steel bars and rods amounted to $X per ton, picking up by X% against the previous year. Over the period under review, export price indicated measured growth from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, hot-rolled steel bar and rod export price increased by X% against 2018 indices. The pace of growth was the most pronounced in 2013 an increase of X%. As a result, the export price reached the peak level of $X per ton. From 2014 to 2023, the average export prices failed to regain momentum.
Average prices varied somewhat for the major export markets. In 2023, amid the top suppliers, the countries with the highest prices were Benin ($X per ton) and Togo ($X per ton), while the average price for exports to Niger ($X per ton) and Ghana ($X per ton) were amongst the lowest.
From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Senegal (X%), while the prices for the other major destinations experienced more modest paces of growth.
Imports of Hot-Rolled Steel Bars and Rods
Imports into Nigeria
After two years of growth, overseas purchases of hot-rolled steel bars and rods decreased by X% to X tons in 2023. Over the period under review, imports recorded a dramatic contraction. The most prominent rate of growth was recorded in 2022 with an increase of X% against the previous year. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2023, imports stood at a somewhat lower figure.
In value terms, hot-rolled steel bar and rod imports skyrocketed to $X in 2023. Overall, imports recorded a deep reduction. Over the period under review, imports hit record highs at $X in 2013; however, from 2014 to 2023, imports remained at a lower figure.
Imports by Country
In 2023, China (X tons) constituted the largest supplier of hot-rolled steel bar and rod to Nigeria, accounting for a X% share of total imports. Moreover, hot-rolled steel bar and rod imports from China exceeded the figures recorded by the second-largest supplier, Belgium (X tons), eightfold. South Korea (X tons) ranked third in terms of total imports with a X% share.
From 2012 to 2023, the average annual rate of growth in terms of volume from China totaled X%. The remaining supplying countries recorded the following average annual rates of imports growth: Belgium (X% per year) and South Korea (X% per year).
In value terms, China ($X) constituted the largest supplier of hot-rolled steel bars and rods to Nigeria, comprising X% of total imports. The second position in the ranking was taken by Hong Kong SAR ($X), with a X% share of total imports. It was followed by Turkey, with a X% share.
From 2012 to 2023, the average annual rate of growth in terms of value from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: Hong Kong SAR (X% per year) and Turkey (X% per year).
Import Prices by Country
The average import price for hot-rolled steel bars and rods stood at $X per ton in 2023, growing by X% against the previous year. Overall, the import price posted a buoyant increase. As a result, import price reached the peak level and is likely to continue growth in the immediate term.
There were significant differences in the average prices amongst the major supplying countries. In 2023, amid the top importers, the country with the highest price was Turkey ($X per ton), while the price for Belgium ($X per ton) was amongst the lowest.
From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Turkey (X%), while the prices for the other major suppliers experienced more modest paces of growth.
Source: IndexBox Platform
This report provides an in-depth analysis of the market for hot-rolled steel bar and rod in Nigeria. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.
Product coverage:
- Prodcom 24106110 - Ribbed or other deformed wire rod (of non-alloy steel)
- Prodcom 24106120 - Wire rod of free-cutting steel
- Prodcom 24106130 - Wire rod used for concrete reinforcing (mesh/cold ribbed bars)
- Prodcom 24106140 - Wire rod for tyre cord
- Prodcom 24106190 - Other wire rod (of non-alloy steel)
- Prodcom 24106210 - Hot-rolled concrete reinforcing bars
- Prodcom 24106230 - Hot-rolled bars in free-cutting steels
- Prodcom 24106250 - Forged bars of steel and hot-rolled bars (excluding hollow drill bars and rods) of non-alloy steel (of other than of free-cutting steel)
- Prodcom 24106300 - Hot-rolled wire rod in coil, of stainless steel
- Prodcom 24106410 - Hot-rolled round bars, of stainless steel
- Prodcom 24106430 - Bars and rods of stainless steel, only hot-rolled, only hotdrawn or only extruded (excluding of circular cross-section)
- Prodcom 24106510 - Bars and rods of high-speed steel, hot-rolled, in irregularly wound coils
- Prodcom 24106530 - Bars and rods of silico-manganese steel, hot-rolled, in irregularly wound coils
- Prodcom 24106550 - Hot-rolled wire rod, of bearing steel
- Prodcom 24106570 - Bars and rods of alloy steel other than stainless, hot-rolled, in irregularly wound coils (excluding products of bearing steel, h igh-speed steel or silico-manganese steel)
- Prodcom 24106630 - Hot-rolled bars in bearing steels
- Prodcom 24106640 - Hot-rolled bars in tool steels
- Prodcom 24106650 - Hot-rolled bars (excluding hollow drill bars and rods) of alloy steel (other than of stainless, tool, silico-manganese, bearing and high speed steel)
Country coverage:
- Nigeria
Data coverage:
- Market volume and value
- Per Capita consumption
- Forecast of the market dynamics in the medium term
- Trade (exports and imports) in Nigeria
- Export and import prices
- Market trends, drivers and restraints
- Key market players and their profiles
Reasons to buy this report:
- Take advantage of the latest data
- Find deeper insights into current market developments
- Discover vital success factors affecting the market
This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.
In this report, you can find information that helps you to make informed decisions on the following issues:
- How to diversify your business and benefit from new market opportunities
- How to load your idle production capacity
- How to boost your sales on overseas markets
- How to increase your profit margins
- How to make your supply chain more sustainable
- How to reduce your production and supply chain costs
- How to outsource production to other countries
- How to prepare your business for global expansion
While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.
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1. INTRODUCTION
Making Data-Driven Decisions to Grow Your Business
- REPORT DESCRIPTION
- RESEARCH METHODOLOGY AND AI PLATFORM
- DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
- GLOSSARY AND SPECIFIC TERMS
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2. EXECUTIVE SUMMARY
A Quick Overview of Market Performance
- KEY FINDINGS
- MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
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3. MARKET OVERVIEW
Understanding the Current State of The Market and Its Prospects
- MARKET SIZE
- MARKET STRUCTURE
- TRADE BALANCE
- PER CAPITA CONSUMPTION
- MARKET FORECAST TO 2030
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4. MOST PROMISING PRODUCT
Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO- TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
- BEST-SELLING PRODUCTS
- MOST CONSUMED PRODUCT
- MOST TRADED PRODUCT
- MOST PROFITABLE PRODUCT FOR EXPORT
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5. MOST PROMISING SUPPLYING COUNTRIES
Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO- TOP COUNTRIES TO SOURCE YOUR PRODUCT
- TOP PRODUCING COUNTRIES
- TOP EXPORTING COUNTRIES
- LOW-COST EXPORTING COUNTRIES
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6. MOST PROMISING OVERSEAS MARKETS
Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO- TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
- TOP CONSUMING MARKETS
- UNSATURATED MARKETS
- TOP IMPORTING MARKETS
- MOST PROFITABLE MARKETS
7. PRODUCTION
The Latest Trends and Insights into The Industry
- PRODUCTION VOLUME AND VALUE
8. IMPORTS
The Largest Import Supplying Countries
- IMPORTS FROM 2012–2023
- IMPORTS BY COUNTRY
- IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Destinations for Exports
- EXPORTS FROM 2012–2023
- EXPORTS BY COUNTRY
- EXPORT PRICES BY COUNTRY
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10. PROFILES OF MAJOR PRODUCERS
The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO -
LIST OF TABLES
- Key Findings In 2023
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Per Capita Consumption In 2012-2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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LIST OF FIGURES
- Market Volume, In Physical Terms, 2012–2023
- Market Value, 2012–2023
- Market Structure – Domestic Supply vs. Imports, In Physical Terms, 2012-2023
- Market Structure – Domestic Supply vs. Imports, In Value Terms, 2012-2023
- Trade Balance, In Physical Terms, 2012-2023
- Trade Balance, In Value Terms, 2012-2023
- Per Capita Consumption, 2012-2023
- Market Volume Forecast to 2030
- Market Value Forecast to 2030
- Products: Market Size And Growth, By Type
- Products: Average Per Capita Consumption, By Type
- Products: Exports And Growth, By Type
- Products: Export Prices And Growth, By Type
- Production Volume And Growth
- Exports And Growth
- Export Prices And Growth
- Market Size And Growth
- Per Capita Consumption
- Imports And Growth
- Import Prices
- Production, In Physical Terms, 2012–2023
- Production, In Value Terms, 2012–2023
- Imports, In Physical Terms, 2012–2023
- Imports, In Value Terms, 2012–2023
- Imports, In Physical Terms, By Country, 2023
- Imports, In Physical Terms, By Country, 2012–2023
- Imports, In Value Terms, By Country, 2012–2023
- Import Prices, By Country Of Origin, 2012–2023
- Exports, In Physical Terms, 2012–2023
- Exports, In Value Terms, 2012–2023
- Exports, In Physical Terms, By Country, 2023
- Exports, In Physical Terms, By Country, 2012–2023
- Exports, In Value Terms, By Country, 2012–2023
- Export Prices, By Country Of Destination, 2012–2023
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