ECOWAS: Hot-Rolled Free-Cutting Steel Market 2025

Hot-Rolled Free-Cutting Steel Market Size in ECOWAS

In 2021, the ECOWAS hot-rolled free-cutting steel market decreased by -8.6% to $X, falling for the second consecutive year after three years of growth. Overall, consumption showed a pronounced reduction. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market remained at a somewhat lower figure.

Hot-Rolled Free-Cutting Steel Production in ECOWAS

In value terms, hot-rolled free-cutting steel production rose slightly to $X in 2021 estimated in export price. In general, production faced a dramatic downturn. The growth pace was the most rapid in 2017 when the production volume increased by 5.4%. Over the period under review, production attained the peak level at $X in 2012; however, from 2013 to 2021, production failed to regain momentum.

Hot-Rolled Free-Cutting Steel Exports

Exports in ECOWAS

In 2021, hot-rolled free-cutting steel exports in ECOWAS contracted slightly to X tons, which is down by -4.3% against 2020 figures. Over the period under review, exports showed a sharp downturn. The most prominent rate of growth was recorded in 2015 with an increase of 69%. Over the period under review, the exports reached the maximum at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, hot-rolled free-cutting steel exports soared to $X in 2021. Overall, exports saw a deep contraction. The pace of growth appeared the most rapid in 2015 with an increase of 47% against the previous year. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Ghana prevails in exports structure, recording X tons, which was near 90% of total exports in 2021. It was distantly followed by Nigeria (X tons), generating an 8.9% share of total exports.

From 2012 to 2021, average annual rates of growth with regard to hot-rolled free-cutting steel exports from Ghana stood at -29.6%. At the same time, Nigeria (+49.0%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +49.0% from 2012-2021. While the share of Nigeria (+8.9 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Ghana (-10.1 p.p.) displayed negative dynamics.

In value terms, Ghana ($X) remains the largest hot-rolled free-cutting steel supplier in ECOWAS, comprising 100% of total exports. The second position in the ranking was taken by Nigeria ($X), with a 0.2% share of total exports.

In Ghana, hot-rolled free-cutting steel exports decreased by an average annual rate of -14.4% over the period from 2012-2021.

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, picking up by 25% against the previous year. Overall, the export price saw a significant increase. The pace of growth was the most pronounced in 2016 an increase of 70% against the previous year. Over the period under review, the export prices attained the maximum in 2021 and is expected to retain growth in years to come.

Prices varied noticeably country of origin: the country with the highest price was Ghana ($X per ton), while Nigeria totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+21.6%).

Hot-Rolled Free-Cutting Steel Imports

Imports in ECOWAS

In 2021, the amount of hot-rolled bars in free-cutting steels imported in ECOWAS declined to X tons, waning by -14.9% compared with the previous year's figure. In general, imports, however, enjoyed noticeable growth. The growth pace was the most rapid in 2017 when imports increased by 87% against the previous year. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, hot-rolled free-cutting steel imports dropped to $X in 2021. Total imports indicated a temperate expansion from 2012 to 2021: its value increased at an average annual rate of +3.3% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -40.0% against 2019 indices. The most prominent rate of growth was recorded in 2019 when imports increased by 60% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

Ghana (X tons) and Mali (X tons) represented roughly 59% of total imports in 2021. It was distantly followed by Burkina Faso (X tons) and Senegal (X tons), together comprising a 22% share of total imports. Liberia (X tons), Cabo Verde (X tons) and Nigeria (X tons) held a relatively small share of total imports.

From 2012 to 2021, the biggest increases were recorded for Mali (with a CAGR of +51.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Mali ($X) constitutes the largest market for imported hot-rolled bars in free-cutting steels in ECOWAS, comprising 38% of total imports. The second position in the ranking was held by Ghana ($X), with a 16% share of total imports. It was followed by Senegal, with a 13% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Mali stood at +50.7%. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (+17.5% per year) and Senegal (+45.7% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, surging by 4% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 35% against the previous year. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2021, the country with the highest price was Cabo Verde ($X per ton), while Ghana ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+3.1%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform