Ghana: Market for Articles Of Iron Or Steel 2024

Market Size for Articles Of Iron Or Steel in Ghana

The Ghanian steel and iron articles market contracted modestly to $X in 2022, waning by -5% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, the total consumption indicated a slight increase from 2012 to 2022: its value increased at an average annual rate of +1.3% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption increased by +92.6% against 2017 indices. Steel and iron articles consumption peaked at $X in 2016; however, from 2017 to 2022, consumption remained at a lower figure.

Exports of Articles Of Iron Or Steel

Exports from Ghana

In 2022, shipments abroad of articles of iron or steel decreased by -24.6% to X tons, falling for the second consecutive year after two years of growth. Over the period under review, exports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of 229%. Over the period under review, the exports reached the maximum at X tons in 2015; however, from 2016 to 2022, the exports failed to regain momentum.

In value terms, steel and iron articles exports expanded notably to $X in 2022. In general, exports saw a abrupt curtailment. The growth pace was the most rapid in 2017 with an increase of 200%. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

South Africa (X tons), Canada (X tons) and Belgium (X tons) were the main destinations of steel and iron articles exports from Ghana, with a combined 40% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Belgium (with a CAGR of +141.3%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Canada ($X), Egypt ($X) and Belgium ($X) appeared to be the largest markets for steel and iron articles exported from Ghana worldwide, together accounting for 50% of total exports. Norway, South Africa, the UK, Greece, Tanzania and Sweden lagged somewhat behind, together accounting for a further 20%.

Norway, with a CAGR of +134.5%, saw the highest growth rate of the value of exports, among the main countries of destination over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The average steel and iron articles export price stood at $X per ton in 2022, surging by 40% against the previous year. Over the period under review, the export price, however, continues to indicate a perceptible descent. The most prominent rate of growth was recorded in 2017 when the average export price increased by 134% against the previous year. Over the period under review, the average export prices attained the peak figure at $X per ton in 2013; however, from 2014 to 2022, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Egypt ($X per ton), while the average price for exports to South Africa ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Greece (+494.5%), while the prices for the other major destinations experienced more modest paces of growth.

Imports of Articles Of Iron Or Steel

Imports into Ghana

In 2022, supplies from abroad of articles of iron or steel increased by 0.7% to X tons, rising for the fifth consecutive year after two years of decline. Overall, total imports indicated a pronounced expansion from 2012 to 2022: its volume increased at an average annual rate of +2.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +143.9% against 2017 indices. The most prominent rate of growth was recorded in 2018 when imports increased by 82% against the previous year. Over the period under review, imports hit record highs in 2022 and are expected to retain growth in the immediate term.

In value terms, steel and iron articles imports shrank to $X in 2022. Over the period under review, imports saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 when imports increased by 69% against the previous year. As a result, imports reached the peak of $X. From 2017 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2022, China (X tons) constituted the largest steel and iron articles supplier to Ghana, accounting for a 79% share of total imports. Moreover, steel and iron articles imports from China exceeded the figures recorded by the second-largest supplier, South Africa (X tons), more than tenfold. The United States (X tons) ranked third in terms of total imports with a 2.2% share.

From 2012 to 2022, the average annual growth rate of volume from China stood at +3.4%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (+1.4% per year) and the United States (+18.0% per year).

In value terms, China ($X) constituted the largest supplier of articles of iron or steel to Ghana, comprising 60% of total imports. The second position in the ranking was taken by the United States ($X), with an 8.6% share of total imports. It was followed by South Africa, with a 3.4% share.

From 2012 to 2022, the average annual rate of growth in terms of value from China amounted to +2.5%. The remaining supplying countries recorded the following average annual rates of imports growth: the United States (+8.5% per year) and South Africa (-4.4% per year).

Import Prices by Country

The average steel and iron articles import price stood at $X per ton in 2022, shrinking by -10.9% against the previous year. In general, the import price recorded a slight decrease. The most prominent rate of growth was recorded in 2016 when the average import price increased by 85%. As a result, import price attained the peak level of $X per ton. From 2017 to 2022, the average import prices failed to regain momentum.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was the United States ($X per ton), while the price for India ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Chile (+0.7%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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