Western Africa: Iron And Steel Market 2024

Iron And Steel Market Size in Western Africa

The West African iron and steel market shrank markedly to $X in 2023, dropping by X% against the previous year. Overall, consumption saw a measured expansion. Over the period under review, the market attained the maximum level at $X in 2014; however, from 2015 to 2023, consumption failed to regain momentum.

Iron And Steel Production in Western Africa

In value terms, iron and steel production surged to $X in 2023 estimated in export price. Overall, production, however, continues to indicate a perceptible reduction. Over the period under review, production attained the peak level at $X in 2020; however, from 2021 to 2023, production failed to regain momentum.

Iron And Steel Exports

Exports in Western Africa

In 2023, the amount of iron and steel exported in Western Africa surged to X tons, picking up by X% compared with the previous year. In general, exports, however, continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2022 with an increase of X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2013; however, from 2014 to 2023, the exports stood at a somewhat lower figure.

In value terms, iron and steel exports soared to $X in 2023. Overall, exports, however, showed a abrupt contraction. The most prominent rate of growth was recorded in 2021 with an increase of X% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2023, the exports stood at a somewhat lower figure.

Exports by Country

In 2023, Senegal (X tons) represented the key exporter of iron and steel, committing X% of total exports. Togo (X tons) held a X% share (based on physical terms) of total exports, which put it in second place, followed by Ghana (X%).

Senegal was also the fastest-growing in terms of the iron and steel exports, with a CAGR of X% from 2012 to 2023. Togo (X%) and Ghana (X%) illustrated a downward trend over the same period. While the share of Senegal (X p.p.) and Ghana (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Togo (X p.p.) displayed negative dynamics.

In value terms, Senegal ($X) remains the largest iron and steel supplier in Western Africa, comprising X% of total exports. The second position in the ranking was held by Togo ($X), with a X% share of total exports.

In Senegal, iron and steel exports expanded at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Togo (X% per year) and Ghana (X% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2023, with an increase of X% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 an increase of X% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2022 to 2023, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Ghana ($X per ton) was 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 a decline in the export price figures.

Iron And Steel Imports

Imports in Western Africa

For the third consecutive year, Western Africa recorded growth in purchases abroad of iron and steel, which increased by X% to X tons in 2023. In general, imports recorded noticeable growth. The growth pace was the most rapid in 2021 when imports increased by X%. Over the period under review, imports reached the peak figure at X tons in 2014; however, from 2015 to 2023, imports stood at a somewhat lower figure.

In value terms, iron and steel imports amounted to $X in 2023. Overall, imports, however, continue to indicate a abrupt shrinkage. The most prominent rate of growth was recorded in 2013 with an increase of X%. Over the period under review, imports attained the maximum at $X in 2014; however, from 2015 to 2023, imports failed to regain momentum.

Imports by Country

Togo represented the key importing country with an import of around X tons, which recorded X% of total imports. It was distantly followed by Benin (X tons), making up a X% share of total imports. Gambia (X tons) and Nigeria (X tons) followed a long way behind the leaders.

Imports into Togo increased at an average annual rate of X% from 2012 to 2023. At the same time, Benin (X%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2023. By contrast, Gambia (X%) and Nigeria (X%) illustrated a downward trend over the same period. While the share of Benin (X p.p.) and Togo (X p.p.) increased significantly in terms of the total imports from 2012-2023, the share of Gambia (X p.p.) and Nigeria (X p.p.) displayed negative dynamics.

In value terms, the largest iron and steel importing markets in Western Africa were Benin ($X), Togo ($X) and Gambia ($X), with a combined X% share of total imports.

In terms of the main importing countries, Benin, with a CAGR of X%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trends in the imports figures.

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2023, declining by X% against the previous year. In general, the import price showed a abrupt decline. The pace of growth appeared the most rapid in 2020 an increase of X% against the previous year. As a result, import price reached the peak level of $X per ton. From 2021 to 2023, the import prices remained at a somewhat lower figure.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Gambia (X%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform