Western Africa: Market for Wire Rod Of Free-Cutting Steel 2024

Market Size for Wire Rod Of Free-Cutting Steel in Western Africa

The West African free-cutting steel wire rod market fell dramatically to $X in 2022, with a decrease of X% against the previous year. In general, consumption recorded a pronounced decline. The level of consumption peaked at $X in 2021, and then contracted notably in the following year.

Production of Wire Rod Of Free-Cutting Steel in Western Africa

In value terms, free-cutting steel wire rod production stood at $X in 2022 estimated in export price. The total production indicated a pronounced increase from 2012 to 2022: its value increased at an average annual rate of X% 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 X% against 2020 indices. The growth pace was the most rapid in 2016 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2017 to 2022, production growth failed to regain momentum.

Exports of Wire Rod Of Free-Cutting Steel

Exports in Western Africa

In 2022, free-cutting steel wire rod exports in Western Africa skyrocketed to X tons, growing by X% against the previous year's figure. In general, exports, however, showed a deep reduction. The growth pace was the most rapid 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 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

In value terms, free-cutting steel wire rod exports surged to $X in 2022. Overall, exports, however, saw a deep slump. The most prominent rate of growth was recorded in 2021 when exports increased by X%. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Nigeria represented the key exporting country with an export of around X tons, which recorded X% of total exports. It was distantly followed by Ghana (X tons), generating a X% share of total exports. Senegal (X tons) took a minor share of total exports.

Nigeria was also the fastest-growing in terms of the wire rod of free-cutting steel exports, with a CAGR of X% from 2012 to 2022. At the same time, Ghana (X%) displayed positive paces of growth. By contrast, Senegal (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Nigeria and Ghana increased by X and X percentage points, respectively.

In value terms, Nigeria ($X) emerged as the largest free-cutting steel wire rod supplier in Western Africa, comprising X% of total exports. The second position in the ranking was taken by Ghana ($X), with a X% share of total exports.

In Nigeria, free-cutting steel wire rod exports expanded at an average annual rate of X% over the period from 2012-2022. The remaining exporting countries recorded the following average annual rates of exports growth: Ghana (X% per year) and Senegal (X% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, dropping by X% against the previous year. Overall, the export price saw a mild decrease. The pace of growth was the most pronounced in 2017 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 2021, and then fell in the following year.

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 Nigeria ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (X%), while the other leaders experienced a decline in the export price figures.

Imports of Wire Rod Of Free-Cutting Steel

Imports in Western Africa

In 2022, the amount of wire rod of free-cutting steel imported in Western Africa shrank remarkably to X tons, with a decrease of X% on the previous year. Over the period under review, imports saw a pronounced contraction. The most prominent rate of growth was recorded in 2017 with an increase of X%. Over the period under review, imports attained the maximum at X tons in 2012; however, from 2013 to 2022, imports remained at a lower figure.

In value terms, free-cutting steel wire rod imports fell notably to $X in 2022. In general, imports showed a pronounced setback. The most prominent rate of growth was recorded in 2017 when imports increased by X%. Over the period under review, imports attained the peak figure at $X in 2012; however, from 2013 to 2022, imports failed to regain momentum.

Imports by Country

In 2022, Senegal (X tons) was the key importer of wire rod of free-cutting steel, constituting X% of total imports. Ghana (X tons) ranks second in terms of the total imports with an X% share, followed by Mauritania (X%). The following importers - Guinea (X tons) and Mali (X tons) - each accounted for a X% share of total imports.

Imports into Senegal decreased at an average annual rate of X% from 2012 to 2022. At the same time, Mauritania (X%) and Guinea (X%) displayed positive paces of growth. Moreover, Mauritania emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2022. Ghana experienced a relatively flat trend pattern. By contrast, Mali (X%) illustrated a downward trend over the same period. Mauritania (X p.p.), Ghana (X p.p.) and Guinea (X p.p.) significantly strengthened its position in terms of the total imports, while Senegal saw its share reduced by X% from 2012 to 2022, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) constitutes the largest market for imported wire rod of free-cutting steel in Western Africa, comprising X% of total imports. The second position in the ranking was held by Ghana ($X), with a X% share of total imports. It was followed by Mauritania, with a X% share.

In Senegal, free-cutting steel wire rod imports contracted by an average annual rate of X% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Mauritania (X% per year).

Import Prices by Country

In 2022, the import price in Western Africa amounted to $X per ton, dropping by X% against the previous year. Overall, the import price continues to indicate a slight descent. The pace of growth appeared the most rapid in 2013 when the import price increased by X%. As a result, import price attained the peak level of $X per ton. From 2014 to 2022, the import prices failed to regain momentum.

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

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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