ECOWAS: Hot-Rolled Steel Products Market 2024

Hot-Rolled Steel Products Market Size in ECOWAS

In 2023, the ECOWAS hot-rolled steel products market decreased by X% to $X, falling for the third consecutive year after four years of growth. Over the period under review, consumption saw a pronounced setback. The level of consumption peaked at $X in 2020; however, from 2021 to 2023, consumption stood at a somewhat lower figure.

Hot-Rolled Steel Products Production in ECOWAS

In value terms, hot-rolled steel products production rose to $X in 2023 estimated in export price. Overall, production, however, saw a mild shrinkage. The pace of growth was the most pronounced in 2017 when the production volume increased by X%. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2023, production stood at a somewhat lower figure.

Hot-Rolled Steel Products Exports

Exports in ECOWAS

In 2023, shipments abroad of flat-rolled products of iron or steel (not further worked than hot-rolled) decreased by X% to X tons for the first time since 2020, thus ending a two-year rising trend. Overall, exports, however, saw a buoyant expansion. The pace of growth appeared the most rapid in 2021 with an increase of X%. Over the period under review, the exports hit record highs at X tons in 2022, and then shrank in the following year.

In value terms, hot-rolled steel products exports dropped to $X in 2023. In general, exports, however, continue to indicate resilient growth. The pace of growth appeared the most rapid in 2021 with an increase of X%. The level of export peaked at $X in 2022, and then shrank in the following year.

Exports by Country

Ghana was the key exporting country with an export of around X tons, which recorded X% of total exports. It was distantly followed by Senegal (X tons), mixing up a X% share of total exports. The following exporters - Mali (X tons) and Benin (X tons) - each resulted at a X% share of total exports.

Exports from Ghana increased at an average annual rate of X% from 2012 to 2023. At the same time, Mali (X%) displayed positive paces of growth. Moreover, Mali emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of X% from 2012-2023. Senegal and Benin experienced a relatively flat trend pattern. From 2012 to 2023, the share of Ghana and Mali increased by X and X percentage points, respectively.

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

In Ghana, hot-rolled steel products exports increased at an average annual rate of X% over the period from 2012-2023. The remaining exporting countries recorded the following average annual rates of exports growth: Senegal (X% per year) and Benin (X% per year).

Export Prices by Country

In 2023, the export price in ECOWAS amounted to $X per ton, with a decrease of X% against the previous year. Export price indicated slight growth 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, hot-rolled steel products export price increased by X% against 2016 indices. The pace of growth appeared the most rapid in 2021 when the export price increased by X% against the previous year. Over the period under review, the export prices reached the maximum at $X per ton in 2022, and then shrank slightly in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in Ghana ($X per ton) and Benin ($X per ton), while Mali ($X per ton) and Senegal ($X per ton) were 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.

Hot-Rolled Steel Products Imports

Imports in ECOWAS

In 2023, overseas purchases of flat-rolled products of iron or steel (not further worked than hot-rolled) decreased by X% to X tons, falling for the third consecutive year after two years of growth. Overall, imports recorded a deep downturn. The growth pace was the most rapid in 2014 when imports increased by X%. The volume of import peaked at X tons in 2020; however, from 2021 to 2023, imports remained at a lower figure.

In value terms, hot-rolled steel products imports fell significantly to $X in 2023. In general, imports continue to indicate a noticeable curtailment. The most prominent rate of growth was recorded in 2020 with an increase of X% against the previous year. As a result, imports attained the peak of $X. From 2021 to 2023, the growth of imports failed to regain momentum.

Imports by Country

The purchases of the three major importers of flat-rolled products of iron or steel (not further worked than hot-rolled), namely Nigeria, Ghana and Cote d'Ivoire, represented more than half of total import. Senegal (X tons) held a X% share (based on physical terms) of total imports, which put it in second place, followed by Burkina Faso (X%), Guinea (X%) and Mali (X%).

From 2012 to 2023, the biggest increases were recorded for Guinea (with a CAGR of X%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled steel products importing markets in ECOWAS were Nigeria ($X), Ghana ($X) and Cote d'Ivoire ($X), together accounting for X% of total imports. Senegal, Guinea, Mali and Burkina Faso lagged somewhat behind, together comprising a further X%.

Guinea, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the import price in ECOWAS amounted to $X per ton, reducing by X% against the previous year. In general, the import price, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when the import price increased by X%. As a result, import price reached the peak level of $X per ton. From 2019 to 2023, the import prices failed to regain momentum.

Average prices varied somewhat amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Nigeria ($X per ton) and Guinea ($X per ton), while Burkina Faso ($X per ton) and Ghana ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform