Western Africa: Ferro-Alloys Market 2024

Ferro-Alloys Market Size in Western Africa

The West African ferro-alloys market dropped notably to $X in 2023, shrinking by X% against the previous year. The total consumption indicated a moderate increase 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, consumption increased by X% against 2021 indices. The level of consumption peaked at $X in 2018; however, from 2019 to 2023, consumption remained at a lower figure.

Ferro-Alloys Production in Western Africa

In value terms, ferro-alloys production reduced to $X in 2023 estimated in export price. Over the period under review, production continues to indicate a resilient increase. The most prominent rate of growth was recorded in 2014 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2018; however, from 2019 to 2023, production stood at a somewhat lower figure.

Ferro-Alloys Exports

Exports in Western Africa

In 2023, ferro-alloys exports in Western Africa dropped notably to X tons, waning by X% on the previous year's figure. In general, exports, however, posted a perceptible increase. The growth pace was the most rapid in 2018 when exports increased by X%. Over the period under review, the exports attained the peak figure at X tons in 2019; however, from 2020 to 2023, the exports stood at a somewhat lower figure.

In value terms, ferro-alloys exports declined notably to $X in 2023. Overall, exports, however, recorded a strong increase. The pace of growth appeared the most rapid in 2022 with an increase of X% against the previous year. As a result, the exports reached the peak of $X, and then contracted dramatically in the following year.

Exports by Country

Mali represented the main exporting country with an export of about X tons, which reached X% of total exports. Nigeria (X tons) took the second position in the ranking, followed by Ghana (X tons). All these countries together held approx. X% share of total exports. Niger (X tons) followed a long way behind the leaders.

Mali was also the fastest-growing in terms of the ferro-alloys exports, with a CAGR of X% from 2012 to 2023. At the same time, Niger (X%) and Ghana (X%) displayed positive paces of growth. By contrast, Nigeria (X%) illustrated a downward trend over the same period. Mali (X p.p.) significantly strengthened its position in terms of the total exports, while Nigeria saw its share reduced by X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mali ($X) remains the largest ferro-alloys supplier in Western Africa, comprising X% of total exports. The second position in the ranking was held by Nigeria ($X), with an X% share of total exports. It was followed by Ghana, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Mali totaled X%. The remaining exporting countries recorded the following average annual rates of exports growth: Nigeria (X% per year) and Ghana (X% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2023, dropping by X% against the previous year. In general, the export price, however, posted a measured increase. The most prominent rate of growth was recorded in 2022 when the export price increased by X%. As a result, the export price reached the peak level of $X per ton, and then dropped remarkably in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in Mali ($X per ton) and Ghana ($X per ton), while Nigeria ($X per ton) and Niger ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Niger (X%), while the other leaders experienced a decline in the export price figures.

Ferro-Alloys Imports

Imports in Western Africa

In 2023, imports of ferro-alloys in Western Africa shrank to X tons, declining by X% on the previous year's figure. Over the period under review, imports, however, posted tangible growth. The pace of growth appeared the most rapid in 2020 when imports increased by X%. The volume of import peaked at X tons in 2022, and then dropped in the following year.

In value terms, ferro-alloys imports declined significantly to $X in 2023. Overall, imports, however, saw a prominent expansion. The pace of growth appeared the most rapid in 2020 when imports increased by X%. Over the period under review, imports reached the peak figure at $X in 2022, and then contracted remarkably in the following year.

Imports by Country

In 2023, Nigeria (X tons) represented the main importer of ferro-alloys, constituting X% of total imports. Ghana (X tons) held the second position in the ranking, distantly followed by Senegal (X tons). All these countries together took near X% share of total imports. The following importers - Cote d'Ivoire (X tons), Guinea (X tons), Togo (X tons) and Mauritania (X tons) - together made up X% of total imports.

Nigeria experienced a relatively flat trend pattern with regard to volume of imports of ferro-alloys. At the same time, Togo (X%), Mauritania (X%), Senegal (X%), Guinea (X%), Ghana (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2023. Ghana (X p.p.), Senegal (X p.p.), Guinea (X p.p.), Togo (X p.p.) and Mauritania (X p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported ferro-alloys in Western Africa, comprising X% of total imports. The second position in the ranking was taken by Ghana ($X), with an X% share of total imports. It was followed by Senegal, with a X% share.

From 2012 to 2023, the average annual growth rate of value in Nigeria totaled X%. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Senegal (X% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2023, dropping by X% against the previous year. In general, 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 2022, and then shrank notably in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Guinea ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Guinea (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform