Ghana: Market for Hot-Rolled Bars In Bearing Steels 2023

Market Size for Hot-Rolled Bars In Bearing Steels in Ghana

In 2021, the Ghanian hot-rolled bearing steel bar market increased by 61% to $X, rising for the second year in a row after two years of decline. Overall, consumption recorded a perceptible expansion. Hot-rolled bearing steel bar consumption peaked at $X in 2015; however, from 2016 to 2021, consumption failed to regain momentum.

Exports of Hot-Rolled Bars In Bearing Steels

Exports from Ghana

Hot-rolled bearing steel bar exports from Ghana declined remarkably to X kg in 2018, with a decrease of -20.8% against the previous year's figure. Overall, exports recorded a significant contraction. Over the period under review, the exports attained the maximum at X kg in 2012; however, from 2013 to 2018, the exports remained at a lower figure.

In value terms, hot-rolled bearing steel bar exports shrank remarkably to $X in 2018. Over the period under review, exports showed a dramatic downturn. The exports peaked at $X in 2012; however, from 2013 to 2018, the exports stood at a somewhat lower figure.

Exports by Country

Austria (X kg) was the main destination for hot-rolled bearing steel bar exports from Ghana, accounting for a approx. 100% share of total exports.

From 2012 to 2018, the average annual growth rate of volume to Austria totaled -20.8%.

In value terms, Austria ($X) also remains the key foreign market for hot-rolled bearing steel bar exports from Ghana.

From 2012 to 2018, the average annual growth rate of value to Austria totaled -21.3%.

Export Prices by Country

In 2018, the average hot-rolled bearing steel bar export price amounted to $X per ton, remaining stable against the previous year. Over the period under review, the export price, however, continues to indicate a perceptible expansion. Over the period under review, the average export prices hit record highs at $X per ton in 2017, and then declined modestly in the following year.

As there is only one major export destination, the average price level is determined by prices for Austria.

From 2012 to 2018, the rate of growth in terms of prices for Austria amounted to -0.6% per year.

Imports of Hot-Rolled Bars In Bearing Steels

Imports into Ghana

In 2021, overseas purchases of hot-rolled bars in bearing steels increased by 22% to X tons, rising for the second consecutive year after two years of decline. Overall, imports saw a modest increase. The most prominent rate of growth was recorded in 2014 with an increase of 238%. Imports peaked at X tons in 2015; however, from 2016 to 2021, imports failed to regain momentum.

In value terms, hot-rolled bearing steel bar imports soared to $X in 2021. In general, imports continue to indicate a moderate increase. The growth pace was the most rapid in 2014 when imports increased by 194% against the previous year. As a result, imports reached the peak of $X. From 2015 to 2021, the growth of imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest supplier of hot-rolled bearing steel bar to Ghana, accounting for a 88% share of total imports. Moreover, hot-rolled bearing steel bar imports from China exceeded the figures recorded by the second-largest supplier, Russia (X tons), ninefold.

From 2012 to 2021, the average annual rate of growth in terms of volume from China amounted to +8.6%.

In value terms, China ($X) constituted the largest supplier of hot-rolled bearing steel bar to Ghana, comprising 91% of total imports. The second position in the ranking was held by Russia ($X), with a 7.4% share of total imports.

From 2012 to 2021, the average annual growth rate of value from China stood at +11.8%.

Import Prices by Country

In 2021, the average hot-rolled bearing steel bar import price amounted to $X per ton, surging by 47% against the previous year. Over the period under review, import price indicated a pronounced expansion from 2012 to 2021: its price increased at an average annual rate of +2.6% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major supplying countries. In 2021, the country with the highest price was China ($X per ton), while the price for Russia totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by China (+2.9%).

Source: IndexBox Market Intelligence Platform

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