Western Africa: Hot-Rolled Steel Products Market 2024

Hot-Rolled Steel Products Market Size in Western Africa

In 2023, the West African hot-rolled steel products market decreased by X% to $X, falling for the third year in a row after four years of growth. In general, consumption recorded a perceptible shrinkage. Over the period under review, the market reached the peak level at $X in 2020; however, from 2021 to 2023, consumption stood at a somewhat lower figure.

Hot-Rolled Steel Products Production in Western Africa

In value terms, hot-rolled steel products production rose slightly to $X in 2023 estimated in export price. In general, production, however, showed a mild decline. The growth pace was the most rapid in 2017 with an increase of X% against the previous year. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2023, production remained at a lower figure.

Hot-Rolled Steel Products Exports

Exports in Western Africa

After two years of growth, overseas shipments of flat-rolled products of iron or steel (not further worked than hot-rolled) decreased by X% to X tons in 2023. Overall, exports, however, enjoyed a buoyant expansion. 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 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, saw a strong expansion. The growth pace was the most rapid in 2021 when exports increased by X% against the previous year. The level of export peaked at $X in 2022, and then contracted in the following year.

Exports by Country

Ghana was the key exporting country with an export of around X tons, which accounted for X% of total exports. It was distantly followed by Senegal (X tons), comprising a X% share of total exports. The following exporters - Mali (X tons) and Benin (X tons) - each reached 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 Western Africa, 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 ($X) remains the largest hot-rolled steel products supplier in Western Africa, comprising X% of total exports. The second position in the ranking was taken by Senegal ($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. In the other countries, the average annual rates were as follows: Senegal (X% per year) and Benin (X% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2023, shrinking by X% against the previous year. Export price indicated a mild expansion from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. 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 an increase of X%. The level of export peaked at $X per ton in 2022, and then fell modestly 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 Western Africa

In 2023, purchases abroad of flat-rolled products of iron or steel (not further worked than hot-rolled) decreased by X% to X tons, falling for the third year in a row after two years of growth. In general, imports showed a abrupt shrinkage. The pace of growth appeared the most rapid in 2014 with an increase of X%. Over the period under review, imports reached the maximum at X tons in 2020; however, from 2021 to 2023, imports failed to regain momentum.

In value terms, hot-rolled steel products imports reduced rapidly to $X in 2023. Overall, imports continue to indicate a perceptible decrease. The pace of growth appeared the most rapid in 2020 when imports increased by X%. As a result, imports reached the peak of $X. From 2021 to 2023, the growth of imports remained at a lower figure.

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) took the next position in the ranking, followed by Burkina Faso (X tons) and Guinea (X tons). All these countries together held approx. X% share of total imports. Mali (X tons) took a little share of total imports.

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 Western Africa were Nigeria ($X), Ghana ($X) and Cote d'Ivoire ($X), with a combined X% share of total imports. Senegal, Guinea, Mali and Burkina Faso lagged somewhat behind, together accounting for a further X%.

In terms of the main importing countries, Guinea, with a CAGR of X%, saw the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2023, which is down by X% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 an increase of X% against the previous year. As a result, import price attained the peak level of $X per ton. From 2019 to 2023, the import prices remained at a lower figure.

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