Western Africa: Market for Hot-Rolled Bars Of High Speed Steel 2024

Market Size for Hot-Rolled Bars Of High Speed Steel in Western Africa

The West African market for hot-rolled bars of high speed steel rose to $X in 2022, increasing by 2.9% against the previous year. The market value increased at an average annual rate of +4.7% from 2012 to 2022; the trend pattern indicated some noticeable fluctuations being recorded in certain years. The level of consumption peaked at $X in 2020; afterwards, it flattened through to 2022.

Production of Hot-Rolled Bars Of High Speed Steel in Western Africa

In value terms, hot-rolled high speed steel bar production rose to $X in 2022 estimated in export price. The total production indicated buoyant growth from 2012 to 2022: its value increased at an average annual rate of +5.7% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -3.3% against 2020 indices. The most prominent rate of growth was recorded in 2014 when the production volume increased by 19% against the previous year. Over the period under review, production reached the maximum level at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

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Exports of Hot-Rolled Bars Of High Speed Steel

Exports in Western Africa

Hot-rolled high speed steel bar exports skyrocketed to X kg in 2022, growing by 133% on 2021. Over the period under review, exports, however, recorded a dramatic slump. The pace of growth was the most pronounced in 2016 when exports increased by 88,098%. As a result, the exports attained the peak of X tons. From 2017 to 2022, the growth of the exports failed to regain momentum.

In value terms, hot-rolled high speed steel bar exports skyrocketed to $X in 2022. In general, exports, however, faced a sharp descent. The pace of growth was the most pronounced in 2016 with an increase of 25,692%. Over the period under review, the exports hit record highs at $X in 2020; however, from 2021 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Sierra Leone (X kg) was the largest exporter of hot-rolled bars of high speed steel in Western Africa, committing 100% of total export.

Sierra Leone was also the fastest-growing in terms of the hot-rolled bars of high speed steel exports, with a CAGR of -47.1% from 2012 to 2022. Sierra Leone (+99 p.p.) significantly strengthened its position in terms of the total exports, while the shares of the other countries remained relatively stable throughout the analyzed period.

In Sierra Leone, hot-rolled high speed steel bar exports contracted by an average annual rate of -33.0% over the period from 2012-2022.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, with an increase of 159% against the previous year. In general, the export price enjoyed a strong expansion. The most prominent rate of growth was recorded in 2018 an increase of 296% against the previous year. The level of export peaked at $X per ton in 2014; however, from 2015 to 2022, the export prices failed to regain momentum.

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

From 2012 to 2022, the rate of growth in terms of prices for Sierra Leone amounted to +26.6% per year.

Imports of Hot-Rolled Bars Of High Speed Steel

Imports in Western Africa

In 2022, supplies from abroad of hot-rolled bars of high speed steel decreased by -26.6% to X tons for the first time since 2019, thus ending a two-year rising trend. Overall, imports, however, enjoyed a prominent increase. The pace of growth was the most pronounced in 2021 with an increase of 168%. As a result, imports attained the peak of X tons, and then fell significantly in the following year.

In value terms, hot-rolled high speed steel bar imports fell dramatically to $X in 2022. Over the period under review, imports, however, posted a buoyant expansion. The most prominent rate of growth was recorded in 2021 with an increase of 238% against the previous year. As a result, imports reached the peak of $X, and then plummeted in the following year.

Imports by Country

Liberia prevails in imports structure, recording X tons, which was near 70% of total imports in 2022. Burkina Faso (X tons) took a 7.5% share (based on physical terms) of total imports, which put it in second place, followed by Mali (6.6%) and Ghana (5.5%). Nigeria (X tons) and Togo (X tons) took a relatively small share of total imports.

Liberia was also the fastest-growing in terms of the hot-rolled bars of high speed steel imports, with a CAGR of +69.9% from 2012 to 2022. At the same time, Burkina Faso (+62.2%), Togo (+29.2%), Nigeria (+11.4%), Mali (+11.4%) and Ghana (+4.8%) displayed positive paces of growth. Liberia (+68 p.p.), Burkina Faso (+7.3 p.p.) and Togo (+2.2 p.p.) significantly strengthened its position in terms of the total imports, while Mali and Ghana saw its share reduced by -2% and -7.7% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Liberia ($X) constitutes the largest market for imported hot-rolled bars of high speed steel in Western Africa, comprising 66% of total imports. The second position in the ranking was held by Burkina Faso ($X), with a 14% share of total imports. It was followed by Mali, with a 5.7% share.

In Liberia, hot-rolled high speed steel bar imports increased at an average annual rate of +57.5% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Burkina Faso (+58.2% per year) and Mali (+3.4% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, which is down by -10.9% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2019 an increase of 70%. The level of import peaked at $X per ton in 2014; however, from 2015 to 2022, import prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Burkina Faso ($X per ton), while Togo ($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 (-2.5%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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