ECOWAS: Hot-Rolled Steel Products Market 2025

Hot-Rolled Steel Products Market Size in ECOWAS

The ECOWAS hot-rolled steel products market fell to $X in 2021, shrinking by -12.5% against the previous year. Overall, consumption, however, recorded a relatively flat trend pattern. Over the period under review, the market reached the maximum level at $X in 2020, and then dropped in the following year.

Hot-Rolled Steel Products Production in ECOWAS

In value terms, hot-rolled steel products production contracted modestly to $X in 2021 estimated in export price. In general, production, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 with an increase of 19% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Hot-Rolled Steel Products Exports

Exports in ECOWAS

In 2021, shipments abroad of flat-rolled products of iron or steel (not further worked than hot-rolled) was finally on the rise to reach X tons for the first time since 2017, thus ending a three-year declining trend. Over the period under review, exports, however, continue to indicate a perceptible reduction. The volume of export peaked at X tons in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

In value terms, hot-rolled steel products exports surged to $X in 2021. Overall, exports, however, continue to indicate a perceptible setback. Over the period under review, the exports hit record highs at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Senegal dominates exports structure, resulting at X tons, which was approx. 72% of total exports in 2021. Benin (X tons) ranks second in terms of the total exports with a 7.7% share, followed by Cote d'Ivoire (6.1%), Ghana (5.6%) and Togo (5.1%). Nigeria (X tons) took a relatively small share of total exports.

From 2012 to 2021, average annual rates of growth with regard to hot-rolled steel products exports from Senegal stood at -1.8%. At the same time, Cote d'Ivoire (+12.5%) and Benin (+3.4%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +12.5% from 2012-2021. By contrast, Togo (-10.2%), Ghana (-14.5%) and Nigeria (-18.5%) illustrated a downward trend over the same period. Senegal (+12 p.p.), Cote d'Ivoire (+4.6 p.p.) and Benin (+3.7 p.p.) significantly strengthened its position in terms of the total exports, while Togo, Nigeria and Ghana saw its share reduced by -4.4%, -5.3% and -10.8% from 2012 to 2021, respectively.

In value terms, Senegal ($X) remains the largest hot-rolled steel products supplier in ECOWAS, comprising 77% of total exports. The second position in the ranking was held by Benin ($X), with a 6.3% share of total exports. It was followed by Ghana, with a 5.6% share.

From 2012 to 2021, the average annual growth rate of value in Senegal was relatively modest. In the other countries, the average annual rates were as follows: Benin (+2.4% per year) and Ghana (-13.3% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, increasing by 14% against the previous year. Over the last nine-year period, it increased at an average annual rate of +1.6%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+2.5%), while the other leaders experienced mixed trends in the export price figures.

Hot-Rolled Steel Products Imports

Imports in ECOWAS

In 2021, approx. X tons of flat-rolled products of iron or steel (not further worked than hot-rolled) were imported in ECOWAS; reducing by -37.1% against the previous year. Overall, imports continue to indicate a noticeable descent. The most prominent rate of growth was recorded in 2020 with an increase of 73%. As a result, imports reached the peak of X tons, and then contracted dramatically in the following year.

In value terms, hot-rolled steel products imports reduced remarkably to $X in 2021. Over the period under review, imports, however, continue to indicate a pronounced increase. The growth pace was the most rapid in 2020 with an increase of 71%. As a result, imports reached the peak of $X, and then declined dramatically in the following year.

Imports by Country

Nigeria prevails in imports structure, accounting for X tons, which was approx. 77% of total imports in 2021. Ghana (X tons) ranks second in terms of the total imports with a 7.5% share, followed by Cote d'Ivoire (5.2%). Senegal (X tons) followed a long way behind the leaders.

Imports into Nigeria decreased at an average annual rate of -3.2% from 2012 to 2021. At the same time, Cote d'Ivoire (+5.4%), Senegal (+1.3%) and Ghana (+1.1%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +5.4% from 2012-2021. From 2012 to 2021, the share of Cote d'Ivoire and Ghana increased by +2.6 and +1.9 percentage points, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported flat-rolled products of iron or steel (not further worked than hot-rolled) in ECOWAS, comprising 72% of total imports. The second position in the ranking was taken by Ghana ($X), with a 9% share of total imports. It was followed by Cote d'Ivoire, with a 6.4% share.

In Nigeria, hot-rolled steel products imports expanded at an average annual rate of +3.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Ghana (+2.2% per year) and Cote d'Ivoire (+6.9% per year).

Import Prices by Country

In 2021, the import price in ECOWAS amounted to $X per ton, rising by 11% against the previous year. Over the last nine years, it increased at an average annual rate of +5.4%. The most prominent rate of growth was recorded in 2013 an increase of 67% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Cote d'Ivoire ($X per ton) and Ghana ($X per ton), while Nigeria ($X per ton) and Senegal ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+6.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform