ECOWAS: Market for Hot-Rolled Steel Bars and Rods 2024

Exports of Hot-Rolled Steel Bars and Rods

Exports in ECOWAS

In 2023, the amount of hot-rolled steel bars and rods exported in ECOWAS skyrocketed to X tons, growing by X% on the year before. Total exports indicated a temperate 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 increased by X% against 2020 indices. The pace of growth appeared the most rapid in 2014 with an increase of X%. The volume of export peaked at X tons in 2018; however, from 2019 to 2023, the exports stood at a somewhat lower figure.

In value terms, hot-rolled steel bar and rod exports soared to $X in 2023. Total exports indicated modest growth 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, exports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when exports increased by X% against the previous year. The level of export peaked at $X in 2018; however, from 2019 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

Senegal (X tons), Benin (X tons), Ghana (X tons) and Burkina Faso (X tons) represented roughly X% of total exports in 2023. It was distantly followed by Nigeria (X tons), constituting a X% share of total exports.

From 2012 to 2023, the biggest increases were recorded for Nigeria (with a CAGR of X%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled steel bar and rod supplying countries in ECOWAS were Benin ($X), Senegal ($X) and Ghana ($X), with a combined X% share of total exports. Burkina Faso and Nigeria lagged somewhat behind, together comprising a further X%.

Among the main exporting countries, Nigeria, with a CAGR of X%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2023, remaining stable against the previous year. Overall, the export price continues to indicate a slight decrease. The most prominent rate of growth was recorded in 2021 when the export price increased by X% against the previous year. The level of export peaked at $X per ton in 2013; however, from 2014 to 2023, the export prices failed to regain momentum.

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 Nigeria ($X per ton), while Burkina Faso ($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 export price figures.

Imports of Hot-Rolled Steel Bars and Rods

Imports in ECOWAS

In 2023, the amount of hot-rolled steel bars and rods imported in ECOWAS was estimated at X tons, increasing by X% on 2022 figures. The total import volume increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when imports increased by X%. Over the period under review, imports reached the maximum at X tons in 2021; afterwards, it flattened through to 2023.

In value terms, hot-rolled steel bar and rod imports expanded remarkably to $X in 2023. Total imports indicated a temperate increase from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, imports decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2021 when imports increased by X% against the previous year. As a result, imports attained the peak of $X. From 2022 to 2023, the growth of imports failed to regain momentum.

Imports by Country

In 2023, Senegal (X tons), Ghana (X tons) and Cote d'Ivoire (X tons) was the key importer of hot-rolled steel bars and rods in ECOWAS, achieving X% of total import. Benin (X tons) held the next position in the ranking, followed by Guinea (X tons) and Burkina Faso (X tons). All these countries together took near X% share of total imports. Togo (X tons), Mali (X tons), Gambia (X tons), Sierra Leone (X tons), Niger (X tons) and Cabo Verde (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 main importing countries, was attained by Gambia (with a CAGR of X%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled steel bar and rod importing markets in ECOWAS were Senegal ($X), Ghana ($X) and Cote d'Ivoire ($X), with a combined X% share of total imports. Benin, Guinea, Burkina Faso, Mali, Togo, Gambia, Sierra Leone, Niger and Cabo Verde lagged somewhat behind, together comprising a further X%.

In terms of the main importing countries, Gambia, with a CAGR of X%, saw the highest rates of growth with regard to 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, with an increase of X% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2023, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Cabo Verde ($X per ton) and Niger ($X per ton), while Burkina Faso ($X per ton) and Cote d'Ivoire ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform