ECOWAS: Market for Hot-Rolled Non-Alloy Steel Wire Rods 2024

Market Size for Hot-Rolled Non-Alloy Steel Wire Rods in ECOWAS

The ECOWAS market for hot-rolled non-alloy steel wire rods contracted markedly to $X in 2021, falling by -19.1% against the previous year. In general, consumption, however, posted prominent growth. As a result, consumption attained the peak level of $X, and then declined dramatically in the following year.

Production of Hot-Rolled Non-Alloy Steel Wire Rods in ECOWAS

In value terms, hot-rolled non-alloy steel wire rod production dropped remarkably to $X in 2021 estimated in export price. Over the period under review, production, however, continues to indicate a prominent increase. The pace of growth appeared the most rapid in 2020 with an increase of 104% against the previous year. As a result, production reached the peak level of $X, and then fell rapidly in the following year.

Exports of Hot-Rolled Non-Alloy Steel Wire Rods

Exports in ECOWAS

In 2021, the amount of hot-rolled non-alloy steel wire rods exported in ECOWAS skyrocketed to X tons, jumping by 20% against 2020. Over the period under review, exports, however, showed a noticeable descent. The most prominent rate of growth was recorded in 2018 with an increase of 47%. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, hot-rolled non-alloy steel wire rod exports soared to $X in 2021. Overall, exports, however, continue to indicate a pronounced slump. The pace of growth appeared the most rapid in 2018 with an increase of 64%. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

Exports by Country

In 2021, Senegal (X tons) was the key exporter of hot-rolled non-alloy steel wire rods, committing 64% of total exports. Benin (X tons) ranks second in terms of the total exports with a 19% share, followed by Ghana (8.1%). Nigeria (X tons), Burkina Faso (X tons) and Togo (X tons) took a little share of total exports.

Senegal experienced a relatively flat trend pattern with regard to volume of exports of hot-rolled non-alloy steel wire rods. At the same time, Nigeria (+22.2%), Burkina Faso (+21.1%), Togo (+20.3%) and Ghana (+9.0%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in ECOWAS, with a CAGR of +22.2% from 2012-2021. By contrast, Benin (-11.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Senegal, Ghana, Nigeria, Burkina Faso and Togo increased by +18, +5.3, +3.3, +1.8 and +1.6 percentage points, respectively.

In value terms, Senegal ($X) remains the largest hot-rolled non-alloy steel wire rod supplier in ECOWAS, comprising 63% of total exports. The second position in the ranking was held by Benin ($X), with a 21% share of total exports. It was followed by Ghana, with a 7.6% share.

In Senegal, hot-rolled non-alloy steel wire rod exports remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: Benin (-12.4% per year) and Ghana (+7.8% per year).

Export Prices by Country

In 2021, the export price in ECOWAS amounted to $X per ton, picking up by 22% against the previous year. Overall, the export price, however, continues to indicate a mild contraction. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Nigeria ($X per ton), while Togo ($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 (+4.4%), while the other leaders experienced a decline in the export price figures.

Imports of Hot-Rolled Non-Alloy Steel Wire Rods

Imports in ECOWAS

In 2021, imports of hot-rolled non-alloy steel wire rods in ECOWAS totaled X tons, rising by 3.9% against 2020. The total import volume increased at an average annual rate of +1.4% from 2012 to 2021; the trend pattern remained relatively stable, with somewhat noticeable fluctuations being observed in certain years. The growth pace was the most rapid in 2019 when imports increased by 19%. Over the period under review, imports reached the peak figure in 2021 and are expected to retain growth in years to come.

In value terms, hot-rolled non-alloy steel wire rod imports skyrocketed to $X in 2021. Total imports indicated a mild increase from 2012 to 2021: its value increased at an average annual rate of +1.0% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +97.3% against 2016 indices. As a result, imports reached the peak and are likely to continue growth in the immediate term.

Imports by Country

The countries with the highest levels of hot-rolled non-alloy steel wire rod imports in 2021 were Senegal (X tons), Ghana (X tons), Cote d'Ivoire (X tons) and Burkina Faso (X tons), together amounting to 75% of total import. Togo (X tons) held the next position in the ranking, followed by Benin (X tons) and Mali (X tons). All these countries together held near 20% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Togo (with a CAGR of +8.9%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled non-alloy steel wire rod importing markets in ECOWAS were Senegal ($X), Ghana ($X) and Cote d'Ivoire ($X), together comprising 60% of total imports. Burkina Faso, Togo, Benin and Mali lagged somewhat behind, together accounting for a further 35%.

Among the main importing countries, Togo, with a CAGR of +10.0%, 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 ECOWAS stood at $X per ton in 2021, growing by 32% against the previous year. Over the period under review, the import price, however, continues to indicate a relatively flat trend pattern. Over the period under review, import prices hit record highs at $X per ton in 2012; however, from 2013 to 2021, import prices remained at a lower figure.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Benin ($X per ton) and Togo ($X per ton), while Burkina Faso ($X per ton) and Cote d'Ivoire ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+1.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform