ECOWAS: Steel Plaited Band Market 2024

Steel Plaited Band Market Size in ECOWAS

In 2022, the ECOWAS steel plaited band market increased by 101% to $X for the first time since 2017, thus ending a four-year declining trend. In general, consumption saw a buoyant increase. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Steel Plaited Band Production in ECOWAS

In value terms, steel plaited band production rose slightly to $X in 2022 estimated in export price. The total production indicated a tangible expansion from 2012 to 2022: its value increased at an average annual rate of +4.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.3% against 2020 indices. The pace of growth was the most pronounced in 2015 when the production volume increased by 62%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Steel Plaited Band Exports

Exports in ECOWAS

In 2022, exports of iron or steel plaited bands and slings in ECOWAS declined to X tons, reducing by -11.7% compared with 2021. Over the period under review, exports showed a perceptible curtailment. The pace of growth was the most pronounced in 2019 with an increase of 170%. Over the period under review, the exports attained the peak figure at X tons in 2014; however, from 2015 to 2022, the exports remained at a lower figure.

In value terms, steel plaited band exports shrank slightly to $X in 2022. In general, exports recorded a abrupt slump. The growth pace was the most rapid in 2019 when exports increased by 148% against the previous year. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

Nigeria (X tons), Guinea (X tons), Sierra Leone (X tons), Togo (X tons), Ghana (X tons) and Burkina Faso (X tons) represented roughly 83% of total exports in 2022. Cote d'Ivoire (X tons) ranks next in terms of the total exports with a 6.4% share, followed by Senegal (6%).

From 2012 to 2022, the most notable rate of growth in terms of shipments, amongst the leading exporting countries, was attained by Burkina Faso (with a CAGR of +74.9%), while the other leaders experienced more modest paces of growth.

In value terms, Sierra Leone ($X), Nigeria ($X) and Ghana ($X) were the countries with the highest levels of exports in 2022, together comprising 52% of total exports. Burkina Faso, Senegal, Guinea, Cote d'Ivoire and Togo lagged somewhat behind, together comprising a further 42%.

Burkina Faso, with a CAGR of +55.7%, saw the highest rates of growth with regard to the value of exports, among the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2022, surging by 9.6% against the previous year. Over the period under review, the export price, however, showed a deep contraction. The pace of growth appeared the most rapid in 2016 an increase of 93% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2017 to 2022, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+9.3%), while the other leaders experienced mixed trends in the export price figures.

Steel Plaited Band Imports

Imports in ECOWAS

In 2022, supplies from abroad of iron or steel plaited bands and slings increased by 216% to X tons for the first time since 2017, thus ending a four-year declining trend. Overall, imports continue to indicate a prominent expansion. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, steel plaited band imports soared to $X in 2022. Over the period under review, imports saw a resilient expansion. The most prominent rate of growth was recorded in 2013 when imports increased by 91% against the previous year. The level of import peaked at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Benin represented the major importing country with an import of around X tons, which reached 50% of total imports. Nigeria (X tons) ranks second in terms of the total imports with a 32% share, followed by Senegal (6.1%). The following importers - Ghana (X tons), Cote d'Ivoire (X tons), Guinea (X tons) and Niger (X tons) - together made up 9.9% of total imports.

From 2012 to 2022, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Benin (with a CAGR of +67.4%), while imports for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported iron or steel plaited bands and slings in ECOWAS, comprising 46% of total imports. The second position in the ranking was taken by Benin ($X), with a 14% share of total imports. It was followed by Senegal, with an 11% share.

In Nigeria, steel plaited band imports expanded at an average annual rate of +5.6% over the period from 2012-2022. The remaining importing countries recorded the following average annual rates of imports growth: Benin (+28.9% per year) and Senegal (+6.0% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, shrinking by -55.3% against the previous year. Overall, the import price showed a abrupt decline. The pace of growth was the most pronounced in 2014 when the import price increased by 41%. The level of import peaked at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (-0.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform