ECOWAS: Ferro-Chromium Market 2024

Ferro-Chromium Market Size in ECOWAS

The ECOWAS ferro-chromium market skyrocketed to $X in 2023, surging by X% against the previous year. In general, consumption continues to indicate resilient growth. The level of consumption peaked in 2023 and is expected to retain growth in years to come.

Ferro-Chromium Production in ECOWAS

In value terms, ferro-chromium production reached $X in 2023 estimated in export price. Overall, production showed a relatively flat trend pattern. The growth pace was the most rapid in 2021 with an increase of X%. As a result, production reached the peak level of $X. From 2022 to 2023, production growth remained at a lower figure.

Ferro-Chromium Exports

Exports in ECOWAS

In 2023, overseas shipments of ferro-chromium increased by X% to X tons for the first time since 2020, thus ending a two-year declining trend. Over the period under review, exports, however, showed a deep reduction. The pace of growth appeared the most rapid in 2017 when exports increased by X%. As a result, the exports attained the peak of X tons. From 2018 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, ferro-chromium exports stood at $X in 2023. Overall, exports, however, saw a deep slump. The pace of growth appeared the most rapid in 2017 when exports increased by X%. The level of export peaked at $X in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Nigeria prevails in exports structure, reaching X tons, which was near X% of total exports in 2023. It was distantly followed by Niger (X tons), constituting an X% share of total exports.

From 2012 to 2023, average annual rates of growth with regard to ferro-chromium exports from Nigeria stood at X%. At the same time, Niger (X%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2023. Niger (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.

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

From 2012 to 2023, the average annual growth rate of value in Nigeria stood at X%.

Export Prices by Country

In 2023, the export price in ECOWAS amounted to $X per ton, increasing by X% against the previous year. Overall, the export price, however, saw a slight reduction. The most prominent rate of growth was recorded in 2016 when the export price increased by X%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Niger ($X per ton), while Nigeria stood at $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Niger (X%).

Ferro-Chromium Imports

Imports in ECOWAS

In 2023, imports of ferro-chromium in ECOWAS surged to X tons, picking up by X% against the previous year's figure. Over the period under review, imports recorded resilient growth. The most prominent rate of growth was recorded in 2017 when imports increased by X%. The volume of import peaked in 2023 and is likely to continue growth in the near future.

In value terms, ferro-chromium imports soared to $X in 2023. Overall, imports saw strong growth. The growth pace was the most rapid in 2017 with an increase of X%. The level of import peaked in 2023 and is expected to retain growth in the near future.

Imports by Country

In 2023, Ghana (X tons) was the main importer of ferro-chromium, committing X% of total imports. It was distantly followed by Nigeria (X tons), achieving a X% share of total imports. Cote d'Ivoire (X tons) followed a long way behind the leaders.

Ghana was also the fastest-growing in terms of the ferro-chromium imports, with a CAGR of X% from 2012 to 2023. At the same time, Cote d'Ivoire (X%) displayed positive paces of growth. By contrast, Nigeria (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Ghana increased by X percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

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

From 2012 to 2023, the average annual growth rate of value in Ghana totaled X%. In the other countries, the average annual rates were as follows: Nigeria (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2023, growing by X% against the previous year. Import price indicated a measured 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-chromium import price increased by X% against 2018 indices. The pace of growth was the most pronounced in 2022 an increase of X%. The level of import peaked in 2023 and is likely to see gradual growth in the near future.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Ghana (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform