Western Africa: Ferro-Silico-Manganese Market 2024

Ferro-Silico-Manganese Market Size in Western Africa

After three years of growth, the West African ferro-silico-manganese market decreased by X% to $X in 2023. In general, consumption, however, posted a strong expansion. Over the period under review, the market attained the maximum level at $X in 2022, and then contracted dramatically in the following year.

Ferro-Silico-Manganese Production in Western Africa

In value terms, ferro-silico-manganese production amounted to $X in 2023 estimated in export price. The total output value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth appeared the most rapid in 2021 when the production volume increased by X%. As a result, production attained the peak level of $X. From 2022 to 2023, production growth remained at a somewhat lower figure.

Ferro-Silico-Manganese Exports

Exports in Western Africa

Ferro-silico-manganese exports declined notably to X tons in 2023, dropping by X% on the year before. Over the period under review, exports, however, continue to indicate a significant increase. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. As a result, the exports attained the peak of X tons. From 2022 to 2023, the growth of the exports failed to regain momentum.

In value terms, ferro-silico-manganese exports fell sharply to $X in 2023. Overall, exports, however, posted significant growth. The pace of growth appeared the most rapid in 2018 when exports increased by X%. The level of export peaked at $X in 2021; however, from 2022 to 2023, the exports failed to regain momentum.

Exports by Country

The biggest shipments were from Ghana (X tons), together finishing at X% of total export.

Ghana was also the fastest-growing in terms of the ferro-silico-manganese exports, with a CAGR of X% from 2015 to 2023. The shares of the largest exporters remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) also remains the largest ferro-silico-manganese supplier in Western Africa.

In Ghana, ferro-silico-manganese exports increased at an average annual rate of X% over the period from 2015-2023.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2023, surging by X% against the previous year. In general, the export price recorded a prominent increase. The most prominent rate of growth was recorded in 2017 an increase of X%. Over the period under review, the export prices attained the maximum at $X per ton in 2022, and then stood in the following year.

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

From 2015 to 2023, the rate of growth in terms of prices for Ghana amounted to X% per year.

Ferro-Silico-Manganese Imports

Imports in Western Africa

In 2023, ferro-silico-manganese imports in Western Africa declined sharply to X tons, which is down by X% compared with the year before. In general, imports, however, continue to indicate a resilient increase. The most prominent rate of growth was recorded in 2020 with an increase of X%. The volume of import peaked at X tons in 2022, and then contracted significantly in the following year.

In value terms, ferro-silico-manganese imports fell sharply to $X in 2023. Overall, imports, however, posted a strong expansion. The pace of growth was the most pronounced in 2020 with an increase of X% against the previous year. The level of import peaked at $X in 2022, and then dropped rapidly in the following year.

Imports by Country

In 2023, Nigeria (X tons) was the key importer of ferro-silico-manganese, achieving X% of total imports. Ghana (X tons) ranks second in terms of the total imports with an X% share, followed by Senegal (X%). 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.

Imports into Nigeria increased at an average annual rate of X% from 2012 to 2023. 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. While the share of Ghana (X p.p.), Senegal (X p.p.), Togo (X p.p.), Guinea (X p.p.) and Mauritania (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Nigeria (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

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

In Nigeria, ferro-silico-manganese imports expanded at an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (X% per year) and Senegal (X% per year).

Import Prices by Country

In 2023, the import price in Western Africa amounted to $X per ton, reducing by X% against the previous year. In general, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X%. Over the period under review, import prices attained the maximum at $X per ton in 2022, and then declined significantly in the following year.

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 Cote d'Ivoire ($X per ton), while Mauritania ($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