Western Africa: Ferro-Chromium Market 2024

Ferro-Chromium Market Size in Western Africa

The West African ferro-chromium market skyrocketed to $X in 2023, jumping by X% against the previous year. Over the period under review, consumption posted buoyant growth. The level of consumption peaked in 2023 and is likely to see gradual growth in the immediate term.

Ferro-Chromium Production in Western Africa

In value terms, ferro-chromium production expanded slightly to $X in 2023 estimated in export price. Overall, production continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2022 to 2023, production growth failed to regain momentum.

Ferro-Chromium Exports

Exports in Western Africa

In 2023, shipments abroad of ferro-chromium was finally on the rise to reach X tons after two years of decline. Over the period under review, exports, however, saw a abrupt descent. The most prominent rate of growth was recorded in 2017 with an increase of X%. As a result, the exports reached the peak of X tons. From 2018 to 2023, the growth of the exports remained at a lower figure.

In value terms, ferro-chromium exports expanded rapidly to $X in 2023. Overall, exports, however, recorded a abrupt downturn. The most prominent rate of growth was recorded in 2017 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2023, the exports remained at a lower figure.

Exports by Country

Nigeria prevails in exports structure, finishing at X tons, which was approx. X% of total exports in 2023. It was distantly followed by Niger (X tons), comprising an X% share of total exports.

Exports from Nigeria decreased at an average annual rate of X% from 2012 to 2023. At the same time, Niger (X%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2023. While the share of Niger (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Nigeria (X p.p.) displayed negative dynamics.

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

In Nigeria, ferro-chromium exports declined by an average annual rate of X% over the period from 2012-2023.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2023, with an increase of X% against the previous year. Overall, the export price, however, recorded a mild decline. The most prominent rate of growth was recorded in 2016 an increase of X% against the previous year. Over the period under review, the export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2023, the export prices stood at a somewhat lower figure.

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 Niger ($X per ton), while Nigeria stood at $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Niger (X%).

Ferro-Chromium Imports

Imports in Western Africa

Ferro-chromium imports surged to X tons in 2023, increasing by X% against the previous year's figure. Overall, imports posted a buoyant increase. The most prominent rate of growth was recorded in 2017 when imports increased by X% against the previous year. Over the period under review, imports reached the peak figure in 2023 and are likely to see steady growth in the immediate term.

In value terms, ferro-chromium imports surged to $X in 2023. In general, imports enjoyed a strong increase. The pace of growth was the most pronounced in 2017 with an increase of X% against the previous year. Over the period under review, imports hit record highs in 2023 and are expected to retain growth in years to come.

Imports by Country

Ghana represented the main importer of ferro-chromium in Western Africa, with the volume of imports recording X tons, which was approx. X% of total imports in 2023. Nigeria (X tons) held the second position in the ranking, followed by Mauritania (X tons). All these countries together took approx. X% share of total imports.

From 2012 to 2023, average annual rates of growth with regard to ferro-chromium imports into Ghana stood at X%. At the same time, Mauritania (X%) displayed positive paces of growth. Moreover, Mauritania emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2023. By contrast, Nigeria (X%) illustrated a downward trend over the same period. From 2012 to 2023, the share of Ghana and Mauritania increased by X and X percentage points, respectively.

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

In Ghana, ferro-chromium imports expanded at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Nigeria (X% per year) and Mauritania (X% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2023, rising by X% against the previous year. Import price indicated a tangible expansion from 2012 to 2023: its price 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, ferro-chromium import price increased by X% against 2018 indices. The pace of growth was the most pronounced in 2022 when the import price increased by X% against the previous year. The level of import peaked in 2023 and is likely to continue growth in years to come.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Nigeria ($X per ton), while Ghana ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform