Price for Copper; Refined, Unwrought, Wire-Bars in Nigeria - 2022

Contents:

1. Price for Copper; Refined, Unwrought, Wire-Bars in Nigeria (FOB) - 2021
2. Price for Copper; Refined, Unwrought, Wire-Bars in Nigeria (CIF) - 2022
3. Exports of Copper; Refined, Unwrought, Wire-Bars in Nigeria
4. Imports of Copper; Refined, Unwrought, Wire-Bars in Nigeria

Price for Copper; Refined, Unwrought, Wire-Bars in Nigeria (FOB) - 2021

In November 2021, the average copper; refined, unwrought, wire-bars export price amounted to $2,525 per ton, with an increase of 20% against the previous month. In general, the export price, however, continues to indicate a perceptible downturn. The export price peaked at $3,617 per ton in November 2020; however, from December 2020 to November 2021, 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 China.

From November 2020 to November 2021, the rate of growth in terms of prices for China amounted to -3.0% per month.

Price for Copper; Refined, Unwrought, Wire-Bars in Nigeria (CIF) - 2022

The average copper; refined, unwrought, wire-bars import price stood at $7,705 per ton in 2022, waning by -14.6% against the previous year. Over the period under review, the import price, however, posted a prominent expansion. The pace of growth was the most pronounced in 2019 when the average import price increased by 64%. The import price peaked at $9,023 per ton in 2021, and then contracted in the following year.

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 India ($14,192 per ton), while the price for the Netherlands ($1,794 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 (+17.4%), while the prices for the other major suppliers experienced more modest paces of growth.

Exports of Copper; Refined, Unwrought, Wire-Bars in Nigeria

In 2022, approx. 333 tons of copper; refined, unwrought, wire-barses were exported from Nigeria; dropping by -25.5% against the previous year's figure. Over the period under review, exports showed a pronounced descent. The most prominent rate of growth was recorded in 2021 when exports increased by 120%. As a result, the exports attained the peak of 448 tons, and then dropped markedly in the following year.

In value terms, copper; refined, unwrought, wire-bars exports shrank notably to $825K in 2022. Overall, exports faced a abrupt shrinkage. The growth pace was the most rapid in 2021 when exports increased by 54% against the previous year.

Top Export Markets for Copper; Refined, Unwrought, Wire-Bars from Nigeria in 2022:

1. United Arab Emirates (229.9 tons)
2. India (80.8 tons)
3. China (22.8 tons)

Imports of Copper; Refined, Unwrought, Wire-Bars in Nigeria

In 2022, the amount of copper; refined, unwrought, wire-barses imported into Nigeria amounted to 76 tons, increasing by 13% compared with the year before. Over the period under review, imports, however, continue to indicate a mild descent.

In value terms, copper; refined, unwrought, wire-bars imports contracted to $586K in 2022. The total import value increased at an average annual rate of +3.7% over the period from 2019 to 2022; the trend pattern remained consistent, with somewhat noticeable fluctuations in certain years. The growth pace was the most rapid in 2020 with an increase of 7.6% against the previous year.

Top Suppliers of Copper; Refined, Unwrought, Wire-Bars to Nigeria in 2022:

1. China (28.9 tons)
2. India (17.6 tons)
3. Thailand (17.4 tons)
4. Netherlands (6.9 tons)
5. United Kingdom (5.0 tons)

Source: IndexBox Market Intelligence Platform