ECOWAS: Cold-Rolled Steel Products Market 2024

Cold-Rolled Steel Products Exports

Exports in ECOWAS

In 2022, after three years of growth, there was decline in shipments abroad of flat-rolled products of iron or steel (not further worked than cold-rolled), when their volume decreased by X% to X tons. Total exports indicated a moderate increase from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2018 indices. The pace of growth appeared the most rapid in 2020 when exports increased by X% against the previous year. The volume of export peaked at X tons in 2021, and then dropped in the following year.

In value terms, cold-rolled steel products exports declined to $X in 2022. Total exports indicated temperate growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2018 indices. The growth pace was the most rapid in 2020 with an increase of X%. The level of export peaked at $X in 2021, and then dropped in the following year.

Exports by Country

In 2022, Senegal (X tons) represented the main exporter of flat-rolled products of iron or steel (not further worked than cold-rolled), constituting X% of total exports. Benin (X tons) took the second position in the ranking, distantly followed by Ghana (X tons) and Togo (X tons). All these countries together held near X% share of total exports.

Exports from Senegal increased at an average annual rate of X% from 2012 to 2022. At the same time, Benin (X%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Ghana (X%) and Togo (X%) illustrated a downward trend over the same period. Senegal (X p.p.) and Benin (X p.p.) significantly strengthened its position in terms of the total exports, while Ghana and Togo saw its share reduced by X% and X% from 2012 to 2022, respectively.

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

In Senegal, cold-rolled steel products exports increased at an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Benin (X% per year) and Ghana (X% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, remaining relatively unchanged against the previous year. In general, the export price, however, recorded a slight reduction. 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 2022, the export prices remained at a lower figure.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Ghana ($X per ton) and Senegal ($X per ton), while Togo ($X per ton) and Benin ($X per ton) were amongst the lowest.

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

Cold-Rolled Steel Products Imports

Imports in ECOWAS

In 2022, supplies from abroad of flat-rolled products of iron or steel (not further worked than cold-rolled) decreased by X% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, imports saw a pronounced descent. The growth pace was the most rapid in 2021 when imports increased by X%. Over the period under review, imports hit record highs at X tons in 2013; however, from 2014 to 2022, imports failed to regain momentum.

In value terms, cold-rolled steel products imports rose significantly to $X in 2022. In general, imports continue to indicate a pronounced decline. The most prominent rate of growth was recorded in 2021 when imports increased by X% against the previous year. Over the period under review, imports attained the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Ghana (X tons), Nigeria (X tons) and Burkina Faso (X tons) represented the largest importer of flat-rolled products of iron or steel (not further worked than cold-rolled) in ECOWAS, achieving X% of total import. Cote d'Ivoire (X tons) ranks next in terms of the total imports with an X% share, followed by Senegal (X%) and Togo (X%). Guinea (X tons) held a relatively small share of total imports.

From 2012 to 2022, the biggest increases were recorded for Burkina Faso (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest cold-rolled steel products importing markets in ECOWAS were Nigeria ($X), Burkina Faso ($X) and Ghana ($X), with a combined X% share of total imports.

Burkina Faso, with a CAGR of X%, saw the highest growth rate of the value of imports, among the main importing countries 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, picking up by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Burkina Faso ($X per ton), while Senegal ($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 (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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