ECOWAS: Ferro-Alloys Market 2024

Ferro-Alloys Market Size in ECOWAS

The ECOWAS ferro-alloys market contracted sharply to $X in 2023, falling by X% against the previous year. The total consumption indicated a temperate expansion from 2012 to 2023: its value 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, consumption increased by X% against 2021 indices. The level of consumption peaked at $X in 2018; however, from 2019 to 2023, consumption failed to regain momentum.

Ferro-Alloys Production in ECOWAS

In value terms, ferro-alloys production contracted modestly to $X in 2023 estimated in export price. Overall, production saw a buoyant increase. The most prominent rate of growth was recorded in 2014 when the production volume increased by X% against the previous year. Over the period under review, production attained the peak level at $X in 2018; however, from 2019 to 2023, production stood at a somewhat lower figure.

Ferro-Alloys Exports

Exports in ECOWAS

In 2023, the amount of ferro-alloys exported in ECOWAS declined rapidly to X tons, which is down by X% against 2022. Over the period under review, exports, however, enjoyed tangible growth. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. The volume of export peaked at X tons in 2019; however, from 2020 to 2023, the exports remained at a lower figure.

In value terms, ferro-alloys exports fell markedly to $X in 2023. Overall, exports, however, recorded a remarkable increase. The growth pace was the most rapid in 2018 with an increase of X%. The level of export peaked at $X in 2019; however, from 2020 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Mali was the largest exporter of ferro-alloys in ECOWAS, with the volume of exports finishing at X tons, which was approx. X% of total exports in 2023. Nigeria (X tons) took an X% share (based on physical terms) of total exports, which put it in second place, followed by Ghana (X%). Niger (X tons) followed a long way behind the leaders.

Mali was also the fastest-growing in terms of the ferro-alloys exports, with a CAGR of X% from 2012 to 2023. At the same time, Niger (X%) and Ghana (X%) displayed positive paces of growth. By contrast, Nigeria (X%) illustrated a downward trend over the same period. Mali (X p.p.) significantly strengthened its position in terms of the total exports, while Nigeria saw its share reduced by X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mali ($X) remains the largest ferro-alloys supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Nigeria ($X), with an X% share of total exports. It was followed by Ghana, with a X% share.

In Mali, ferro-alloys exports increased at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Nigeria (X% per year) and Ghana (X% per year).

Export Prices by Country

In 2023, the export price in ECOWAS amounted to $X per ton, rising by X% against the previous year. Export price indicated a temperate increase 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, ferro-alloys export price decreased by X% against 2020 indices. The growth pace was the most rapid in 2016 an increase of X%. Over the period under review, the export prices hit record highs at $X per ton in 2020; however, from 2021 to 2023, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in Mali ($X per ton) and Ghana ($X per ton), while Nigeria ($X per ton) and Niger ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Niger (X%), while the other leaders experienced a decline in the export price figures.

Ferro-Alloys Imports

Imports in ECOWAS

In 2023, the amount of ferro-alloys imported in ECOWAS reduced to X tons, with a decrease of X% on the previous year. In general, imports, however, saw a notable expansion. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. Over the period under review, imports reached the maximum at X tons in 2022, and then shrank in the following year.

In value terms, ferro-alloys imports declined markedly to $X in 2023. Over the period under review, imports, however, posted a measured increase. The pace of growth appeared the most rapid in 2020 when imports increased by X% against the previous year. The level of import peaked at $X in 2022, and then shrank remarkably in the following year.

Imports by Country

In 2023, Nigeria (X tons) represented the major importer of ferro-alloys, generating X% of total imports. Ghana (X tons) ranks second in terms of the total imports with a X% share, followed by Senegal (X%). Cote d'Ivoire (X tons), Guinea (X tons), Togo (X tons) and Benin (X tons) held a minor share of total imports.

Nigeria experienced a relatively flat trend pattern with regard to volume of imports of ferro-alloys. At the same time, Togo (X%), Senegal (X%), Guinea (X%), Benin (X%), Ghana (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2023. Ghana (X p.p.), Senegal (X p.p.), Guinea (X p.p.), Togo (X p.p.) and Benin (X p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported ferro-alloys in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Ghana ($X), with an X% share of total imports. It was followed by Senegal, with a X% share.

In Nigeria, ferro-alloys imports increased at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Senegal (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2023, falling by X% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 when the import price increased by X% against the previous year. Over the period under review, import prices reached the maximum at $X per ton in 2022, and then dropped remarkably in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Guinea ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Guinea (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform