ECOWAS: Market for Flat Cold-Rolled Steel in Coils 2024

Exports of Flat Cold-Rolled Steel in Coils

Exports in ECOWAS

In 2023, shipments abroad of flat cold-rolled steel in coils decreased by X% to X tons, falling for the second consecutive year after three years of growth. Total exports indicated a perceptible expansion from 2012 to 2023: its volume 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, exports decreased by X% against 2021 indices. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2021; however, from 2022 to 2023, the exports stood at a somewhat lower figure.

In value terms, flat cold-rolled steel coils exports contracted modestly to $X in 2023. In general, exports, however, continue to indicate a mild increase. The pace of growth was the most pronounced in 2020 with an increase of X%. Over the period under review, the exports hit record highs at $X in 2021; however, from 2022 to 2023, the exports failed to regain momentum.

Exports by Country

In 2023, Senegal (X tons) was the key exporter of flat cold-rolled steel in coils, making up X% of total exports. It was distantly followed by Ghana (X tons), Benin (X tons) and Togo (X tons), together comprising a X% share of total exports.

Senegal was also the fastest-growing in terms of the flat cold-rolled steel in coils exports, with a CAGR of X% from 2012 to 2023. At the same time, Benin (X%) and Ghana (X%) displayed positive paces of growth. By contrast, Togo (X%) illustrated a downward trend over the same period. While the share of Senegal (X p.p.) and Benin (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Togo (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest flat cold-rolled steel coils supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Benin ($X), with a X% share of total exports. It was followed by Ghana, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Senegal totaled X%. The remaining exporting countries recorded the following average annual rates of exports growth: Benin (X% per year) and Ghana (X% per year).

Export Prices by Country

In 2023, the export price in ECOWAS amounted to $X per ton, increasing by X% against the previous year. Over the period under review, the export price, however, showed a mild contraction. The most prominent rate of growth was recorded in 2018 an increase of X%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2023, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Benin ($X per ton), while Togo ($X per ton) was amongst the lowest.

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

Imports of Flat Cold-Rolled Steel in Coils

Imports in ECOWAS

In 2023, imports of flat cold-rolled steel in coils in ECOWAS shrank significantly to X tons, with a decrease of X% against 2022. Overall, imports saw a abrupt downturn. The growth pace was the most rapid in 2018 with an increase of X% against the previous year. The volume of import peaked at X tons in 2013; however, from 2014 to 2023, imports failed to regain momentum.

In value terms, flat cold-rolled steel coils imports fell remarkably to $X in 2023. Over the period under review, imports saw a abrupt slump. The pace of growth was the most pronounced in 2022 when imports increased by X% against the previous year. The level of import peaked at $X in 2013; however, from 2014 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, Ghana (X tons), distantly followed by Togo (X tons), Senegal (X tons), Burkina Faso (X tons), Cote d'Ivoire (X tons) and Nigeria (X tons) represented the largest importers of flat cold-rolled steel in coils, together comprising X% of total imports. Guinea (X tons) followed a long way behind the leaders.

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Togo (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest flat cold-rolled steel coils importing markets in ECOWAS were Ghana ($X), Senegal ($X) and Burkina Faso ($X), with a combined X% share of total imports. Togo, Nigeria, Cote d'Ivoire and Guinea lagged somewhat behind, together accounting for a further X%.

Among the main importing countries, Togo, with a CAGR of X%, saw the highest growth rate of 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

In 2023, the import price in ECOWAS amounted to $X per ton, falling by X% against the previous year. Overall, the import price showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2022 when the import price increased by X% against the previous year. As a result, import price reached the peak level of $X per ton, and then dropped significantly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, 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 Nigeria (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform