ECOWAS: Hot-Rolled Steel Products Market 2024

Hot-Rolled Steel Products Market Size in ECOWAS

The ECOWAS hot-rolled steel products market shrank to $X in 2022, declining by X% against the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Hot-Rolled Steel Products Production in ECOWAS

In value terms, hot-rolled steel products production totaled $X in 2022 estimated in export price. Over the period under review, production showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2014 when the production volume increased by X%. The level of production peaked at $X in 2020; afterwards, it flattened through to 2022.

Hot-Rolled Steel Products Exports

Exports in ECOWAS

In 2022, approx. X tons of flat-rolled products of iron or steel (not further worked than hot-rolled) were exported in ECOWAS; reducing by X% compared with the previous year's figure. Overall, exports recorded a abrupt setback. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, hot-rolled steel products exports reduced sharply to $X in 2022. In general, exports saw a deep slump. The most prominent rate of growth was recorded in 2021 when exports increased by X%. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Senegal (X tons) was the major exporter of flat-rolled products of iron or steel (not further worked than hot-rolled), creating X% of total exports. Ghana (X tons) ranks second in terms of the total exports with a X% share, followed by Togo (X%), Cote d'Ivoire (X%) and Benin (X%). The following exporters - Niger (X tons) and Nigeria (X tons) - each amounted to a X% share of total exports.

From 2012 to 2022, average annual rates of growth with regard to hot-rolled steel products exports from Senegal stood at X%. At the same time, Niger (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Benin (X%), Ghana (X%), Togo (X%) and Nigeria (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cote d'Ivoire, Senegal and Niger increased by X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

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

In Senegal, hot-rolled steel products exports decreased by an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (X% per year) and Benin (X% per year).

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, with an increase of X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2021 an increase of X%. Over the period under review, the export prices hit record highs in 2022 and is expected to retain growth in the immediate term.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Niger (X%), while the other leaders experienced more modest paces of growth.

Hot-Rolled Steel Products Imports

Imports in ECOWAS

In 2022, the amount of flat-rolled products of iron or steel (not further worked than hot-rolled) imported in ECOWAS shrank dramatically to X tons, dropping by X% on the previous year. Overall, imports continue to indicate a mild shrinkage. The pace of growth appeared the most rapid in 2014 when imports increased by X% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, hot-rolled steel products imports dropped notably to $X in 2022. In general, imports recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2020 when imports increased by X%. As a result, imports reached the peak of $X. From 2021 to 2022, the growth of imports remained at a lower figure.

Imports by Country

Nigeria was the largest importing country with an import of about X tons, which amounted to X% of total imports. Ghana (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Cote d'Ivoire (X%) and Senegal (X%). Burkina Faso (X tons), Guinea (X tons) and Benin (X tons) took a relatively small share of total imports.

From 2012 to 2022, average annual rates of growth with regard to hot-rolled steel products imports into Nigeria stood at X%. At the same time, Guinea (X%), Cote d'Ivoire (X%), Benin (X%), Ghana (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. Burkina Faso experienced a relatively flat trend pattern. Cote d'Ivoire (X p.p.), Ghana (X p.p.), Guinea (X p.p.) and Senegal (X p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported flat-rolled products of iron or steel (not further worked than hot-rolled) in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Ghana ($X), with an X% share of total imports. It was followed by Cote d'Ivoire, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Nigeria totaled X%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (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 2022, with an increase of X% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the import price increased by X%. The level of import peaked in 2022 and is expected to retain growth in years to come.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Guinea ($X per ton) and Cote d'Ivoire ($X per ton), while Nigeria ($X per ton) and Burkina Faso ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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