ECOWAS: Market for Articles Of Iron Or Steel 2024

Market Size for Articles Of Iron Or Steel in ECOWAS

The ECOWAS steel and iron articles market rose modestly to $X in 2022, with an increase of 3.9% against the previous year. Overall, consumption, however, enjoyed a remarkable increase. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Production of Articles Of Iron Or Steel in ECOWAS

In value terms, steel and iron articles production rose markedly to $X in 2022 estimated in export price. In general, production posted a buoyant expansion. The growth pace was the most rapid in 2020 when the production volume increased by 76% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Exports of Articles Of Iron Or Steel

Exports in ECOWAS

After two years of decline, shipments abroad of articles of iron or steel increased by 8.8% to X tons in 2022. Overall, exports recorded slight growth. The pace of growth appeared the most rapid in 2015 with an increase of 142%. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports failed to regain momentum.

In value terms, steel and iron articles exports rose markedly to $X in 2022. Over the period under review, exports, however, showed a pronounced downturn. The most prominent rate of growth was recorded in 2015 when exports increased by 105% against the previous year. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports remained at a lower figure.

Exports by Country

Cote d'Ivoire was the major exporter of articles of iron or steel in ECOWAS, with the volume of exports recording X tons, which was approx. 54% of total exports in 2022. It was distantly followed by Nigeria (X tons), Senegal (X tons) and Ghana (X tons), together committing a 35% share of total exports. The following exporters - Benin (X tons), Burkina Faso (X tons) and Sierra Leone (X tons) - each reached a 6% share of total exports.

Cote d'Ivoire was also the fastest-growing in terms of the articles of iron or steel exports, with a CAGR of +16.5% from 2012 to 2022. At the same time, Senegal (+7.2%) and Burkina Faso (+4.7%) displayed positive paces of growth. Ghana experienced a relatively flat trend pattern. By contrast, Sierra Leone (-3.8%), Benin (-6.8%) and Nigeria (-8.1%) illustrated a downward trend over the same period. Cote d'Ivoire (+40 p.p.) and Senegal (+4 p.p.) significantly strengthened its position in terms of the total exports, while Ghana, Benin and Nigeria saw its share reduced by -2%, -3.2% and -29.9% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) remains the largest steel and iron articles supplier in ECOWAS, comprising 33% of total exports. The second position in the ranking was held by Ghana ($X), with a 13% share of total exports. It was followed by Senegal, with a 12% share.

From 2012 to 2022, the average annual growth rate of value in Cote d'Ivoire amounted to +8.0%. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (-5.4% per year) and Senegal (+3.9% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, growing by 4.5% against the previous year. Overall, the export price, however, showed a noticeable descent. The pace of growth was the most pronounced in 2016 an increase of 12%. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Sierra Leone ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Sierra Leone (+8.4%), while the other leaders experienced mixed trends in the export price figures.

Imports of Articles Of Iron Or Steel

Imports in ECOWAS

In 2022, purchases abroad of articles of iron or steel decreased by -9.3% to X tons for the first time since 2017, thus ending a four-year rising trend. Overall, imports, however, saw a pronounced expansion. The pace of growth was the most pronounced in 2021 when imports increased by 32% against the previous year. As a result, imports reached the peak of X tons, and then shrank in the following year.

In value terms, steel and iron articles imports contracted rapidly to $X in 2022. The total import value increased at an average annual rate of +1.5% over the period from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 with an increase of 34% against the previous year. As a result, imports attained the peak of $X, and then shrank notably in the following year.

Imports by Country

Ghana (X tons) and Cote d'Ivoire (X tons) represented roughly 46% of total imports in 2022. Guinea (X tons) held the next position in the ranking, followed by Senegal (X tons), Nigeria (X tons), Niger (X tons) and Mali (X tons). All these countries together held near 39% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Niger (with a CAGR of +23.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest steel and iron articles importing markets in ECOWAS were Ghana ($X), Cote d'Ivoire ($X) and Nigeria ($X), together accounting for 51% of total imports. Senegal, Guinea, Mali and Niger lagged somewhat behind, together accounting for a further 29%.

In terms of the main importing countries, Senegal, with a CAGR of +12.3%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, dropping by -8.5% against the previous year. Overall, the import price recorded a noticeable curtailment. The pace of growth appeared the most rapid in 2014 when the import price increased by 19% against the previous year. The level of import peaked at $X per ton in 2016; however, from 2017 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Nigeria ($X per ton), while Niger ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (-0.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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