Western Africa: Hot-Rolled Steel Products Market 2024

Hot-Rolled Steel Products Market Size in Western Africa

The West African hot-rolled steel products market declined to $X in 2022, with a decrease of X% against the previous year. In general, consumption, however, recorded a relatively flat trend pattern. The level of consumption peaked at $X in 2020; however, from 2021 to 2022, consumption failed to regain momentum.

Hot-Rolled Steel Products Production in Western Africa

In value terms, hot-rolled steel products production amounted to $X in 2022 estimated in export price. Overall, production showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2014 with an increase of X%. Over the period under review, production hit record highs at $X in 2020; afterwards, it flattened through to 2022.

Hot-Rolled Steel Products Exports

Exports in Western Africa

In 2022, the amount of flat-rolled products of iron or steel (not further worked than hot-rolled) exported in Western Africa contracted rapidly to X tons, shrinking by X% against 2021. Overall, exports continue to indicate a abrupt shrinkage. The pace of growth was the most pronounced in 2021 with an increase of X% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, hot-rolled steel products exports shrank significantly to $X in 2022. Over the period under review, exports showed a perceptible descent. The pace of growth appeared the most rapid in 2021 when exports increased by X%. Over the period under review, the exports reached the maximum at $X in 2014; however, from 2015 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Senegal was the major exporting country with an export of around X tons, which recorded X% of total exports. Ghana (X tons) took a X% share (based on physical terms) of total exports, which put it in second place, followed by Togo (X%), Cote d'Ivoire (X%) and Benin (X%). Mauritania (X tons) and Niger (X tons) held a minor share of total exports.

Exports from Senegal decreased at an average annual rate of X% from 2012 to 2022. At the same time, Niger (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Niger emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2022. By contrast, Mauritania (X%), Benin (X%), Ghana (X%) and Togo (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Cote d'Ivoire, Mauritania, Senegal and Niger increased by X, X, X and X percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest hot-rolled steel products supplier in Western Africa, comprising X% of total exports. The second position in the ranking was taken by Ghana ($X), with a X% share of total exports. It was followed by Benin, with a X% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Senegal amounted to X%. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Benin (X% per year).

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, picking up by X% against the previous year. Over the last decade, it increased at an average annual rate of X%. The pace of growth was the most pronounced in 2021 an increase of X%. The level of export peaked in 2022 and is expected to retain growth in the near future.

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 Niger ($X per ton), while Cote d'Ivoire ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Niger (X%), while the other leaders experienced more modest paces of growth.

Hot-Rolled Steel Products Imports

Imports in Western Africa

In 2022, approx. X tons of flat-rolled products of iron or steel (not further worked than hot-rolled) were imported in Western Africa; which is down by X% on 2021 figures. Over the period under review, imports recorded a slight contraction. The most prominent rate of growth was recorded in 2014 with an increase of X% against the previous year. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, hot-rolled steel products imports reduced markedly to $X in 2022. In general, imports continue to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 with an increase of X%. As a result, imports attained the peak of $X. From 2021 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Nigeria represented the key importer of flat-rolled products of iron or steel (not further worked than hot-rolled) in Western Africa, with the volume of imports recording X tons, which was approx. X% of total imports in 2022. Ghana (X tons) took the second position in the ranking, followed by Cote d'Ivoire (X tons) and Senegal (X tons). All these countries together held approx. X% share of total imports. Burkina Faso (X tons), Guinea (X tons) and Benin (X tons) took a minor share of total imports.

Imports into Nigeria decreased at an average annual rate of X% from 2012 to 2022. At the same time, Guinea (X%), Cote d'Ivoire (X%), Benin (X%), Ghana (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2022. Burkina Faso experienced a relatively flat trend pattern. While the share of Cote d'Ivoire (X p.p.), Ghana (X p.p.), Guinea (X p.p.) and Senegal (X p.p.) increased significantly in terms of the total imports from 2012-2022, 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 ($X) constitutes the largest market for imported flat-rolled products of iron or steel (not further worked than hot-rolled) in Western Africa, comprising X% of total imports. The second position in the ranking was held by Ghana ($X), with a X% share of total imports. It was followed by Cote d'Ivoire, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria totaled X%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, picking up by X% against the previous year. Overall, the import price saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the import price increased by X% against the previous year. Over the period under review, import prices attained the peak figure in 2022 and is likely to see steady growth in the immediate term.

Average prices varied noticeably amongst the major importing countries. In 2022, major importing countries recorded the following prices: in Guinea ($X per ton) and Cote d'Ivoire ($X per ton), while Nigeria ($X per ton) and Burkina Faso ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Cote d'Ivoire (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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