Western Africa: Market for Articles Of Iron Or Steel 2024

Market Size for Articles Of Iron Or Steel in Western Africa

The West African steel and iron articles market was estimated at $X in 2022, rising by 4.1% against the previous year. In general, consumption, however, posted a remarkable increase. As a result, consumption attained the peak level of $X. From 2021 to 2022, the growth of the market failed to regain momentum.

Production of Articles Of Iron Or Steel in Western Africa

In value terms, steel and iron articles production expanded significantly to $X in 2022 estimated in export price. In general, production continues to indicate buoyant growth. The pace of growth appeared the most rapid in 2020 when the production volume increased by 76% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth remained at a lower figure.

Exports of Articles Of Iron Or Steel

Exports in Western Africa

In 2022, after two years of decline, there was significant growth in shipments abroad of articles of iron or steel, when their volume increased by 12% to X tons. Overall, exports continue to indicate a modest increase. The most prominent rate of growth was recorded in 2015 when exports increased by 140%. As a result, the exports attained the peak of X tons. From 2016 to 2022, the growth of the exports remained at a lower figure.

In value terms, steel and iron articles exports surged to $X in 2022. In general, exports, however, recorded a perceptible curtailment. The most prominent rate of growth was recorded in 2015 with an increase of 101%. As a result, the exports reached the peak of $X. From 2016 to 2022, the growth of the exports failed to regain momentum.

Exports by Country

Cote d'Ivoire represented the main exporter of articles of iron or steel in Western Africa, with the volume of exports amounting to X tons, which was approx. 52% of total exports in 2022. Nigeria (X tons) ranks second in terms of the total exports with a 16% share, followed by Senegal (9.3%) and Ghana (7.6%). Mauritania (X tons), Benin (X tons) and Burkina Faso (X tons) held a relatively small share of total exports.

Exports from Cote d'Ivoire increased at an average annual rate of +16.5% from 2012 to 2022. At the same time, Mauritania (+22.2%), Senegal (+7.2%) and Burkina Faso (+4.7%) displayed positive paces of growth. Moreover, Mauritania emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +22.2% from 2012-2022. Ghana experienced a relatively flat trend pattern. By contrast, Benin (-6.8%) and Nigeria (-8.1%) illustrated a downward trend over the same period. While the share of Cote d'Ivoire (+38 p.p.), Senegal (+3.7 p.p.) and Mauritania (+3.2 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Ghana (-2.2 p.p.), Benin (-3.3 p.p.) and Nigeria (-30.1 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Cote d'Ivoire ($X) remains the largest steel and iron articles supplier in Western Africa, comprising 31% of total exports. The second position in the ranking was held by Ghana ($X), with a 12% share of total exports. It was followed by Senegal, with a 12% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Cote d'Ivoire totaled +8.0%. In the other countries, the average annual rates were as follows: Ghana (-5.4% per year) and Senegal (+3.9% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, picking up by 4.2% against the previous year. Over the period under review, the export price, however, recorded a noticeable decrease. The most prominent rate of growth was recorded in 2017 an increase of 13%. The level of export peaked at $X per ton in 2012; however, from 2013 to 2022, the export prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Ghana ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Burkina Faso (+3.0%), while the other leaders experienced a decline in the export price figures.

Imports of Articles Of Iron Or Steel

Imports in Western Africa

In 2022, overseas purchases of articles of iron or steel decreased by -8.3% to X tons for the first time since 2017, thus ending a four-year rising trend. Overall, imports, however, recorded a perceptible increase. The most prominent rate of growth was recorded in 2021 with an increase of 28% against the previous year. As a result, imports attained the peak of X tons, and then reduced in the following year.

In value terms, steel and iron articles imports dropped rapidly to $X in 2022. The total import value increased at an average annual rate of +1.3% from 2012 to 2022; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The pace of growth was the most pronounced in 2021 with an increase of 32%. As a result, imports attained the peak of $X, and then reduced sharply in the following year.

Imports by Country

Ghana (X tons) and Cote d'Ivoire (X tons) represented roughly 45% of total imports in 2022. It was distantly followed by Guinea (X tons), Senegal (X tons), Nigeria (X tons), Niger (X tons) and Mali (X tons), together making up a 38% share of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Niger (with a CAGR of +23.5%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Ghana ($X), Cote d'Ivoire ($X) and Nigeria ($X) appeared to be the countries with the highest levels of imports in 2022, with a combined 50% share of total imports. Senegal, Guinea, Mali and Niger lagged somewhat behind, together accounting for a further 29%.

Among the main importing countries, Senegal, with a CAGR of +12.3%, saw the highest growth rate of 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 2022, the import price in Western Africa amounted to $X per ton, with a decrease of -8.7% against the previous year. Overall, the import price continues to indicate a noticeable descent. The growth pace was the most rapid in 2016 an increase of 17%. As a result, import price reached the peak level of $X per ton. From 2017 to 2022, the import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Nigeria ($X per ton), while Niger ($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 (-0.1%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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