ECOWAS: Market for Ribbed Or Other Deformed Wire Rod Of Non-Alloy Steel 2024

Market Size for Ribbed Or Other Deformed Wire Rod Of Non-Alloy Steel in ECOWAS

In 2021, after four years of growth, there was significant decline in the ECOWAS market for ribbed or other deformed wire rod of non-alloy steel, when its value decreased by -6.4% to $X. Over the period under review, consumption, however, enjoyed a prominent increase. The level of consumption peaked at $X in 2020, and then dropped in the following year.

Production of Ribbed Or Other Deformed Wire Rod Of Non-Alloy Steel in ECOWAS

In value terms, deformed non-alloy steel wire rod production reduced to $X in 2021 estimated in export price. Over the period under review, production, however, recorded a buoyant increase. The most prominent rate of growth was recorded in 2019 when the production volume increased by 57% against the previous year. Over the period under review, production reached the maximum level at $X in 2020, and then declined in the following year.

Exports of Ribbed Or Other Deformed Wire Rod Of Non-Alloy Steel

Exports in ECOWAS

In 2021, the amount of ribbed or other deformed wire rod of non-alloy steel exported in ECOWAS shrank significantly to X tons, falling by -20.6% compared with 2020. Overall, exports recorded a dramatic shrinkage. The pace of growth appeared the most rapid in 2019 when exports increased by 11% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, deformed non-alloy steel wire rod exports dropped to $X in 2021. Over the period under review, exports saw a dramatic slump. The smallest decline of -2.3% was in 2019. Over the period under review, the exports hit record highs at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Nigeria dominates exports structure, amounting to X tons, which was approx. 89% of total exports in 2021. Ghana (X kg) held a 5.7% share (based on physical terms) of total exports, which put it in second place, followed by Burkina Faso (5.7%).

Nigeria was also the fastest-growing in terms of the ribbed or other deformed wire rod of non-alloy steel exports, with a CAGR of -14.3% from 2012 to 2021. Burkina Faso (-33.1%) and Ghana (-38.5%) illustrated a downward trend over the same period. While the share of Nigeria (+86 p.p.), Burkina Faso (+4.2 p.p.) and Ghana (+2.5 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) remains the largest deformed non-alloy steel wire rod supplier in ECOWAS, comprising 82% of total exports. The second position in the ranking was held by Burkina Faso ($X), with an 11% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria amounted to -10.2%. The remaining exporting countries recorded the following average annual rates of exports growth: Burkina Faso (-26.9% per year) and Ghana (-37.8% per year).

Export Prices by Country

The export price in ECOWAS stood at $X per ton in 2021, increasing by 14% against the previous year. Overall, the export price saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2016 an increase of 44% against the previous year. Over the period under review, the export prices reached the peak figure in 2021 and is likely to continue growth in the near future.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Burkina Faso ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Burkina Faso (+9.3%), while the other leaders experienced more modest paces of growth.

Imports of Ribbed Or Other Deformed Wire Rod Of Non-Alloy Steel

Imports in ECOWAS

In 2021, supplies from abroad of ribbed or other deformed wire rod of non-alloy steel increased by 77% to X tons, rising for the third year in a row after five years of decline. In general, imports, however, saw a abrupt decrease. The volume of import peaked at X tons in 2013; however, from 2014 to 2021, imports stood at a somewhat lower figure.

In value terms, deformed non-alloy steel wire rod imports skyrocketed to $X in 2021. Over the period under review, imports, however, showed a perceptible reduction. Over the period under review, imports reached the maximum at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

Guinea represented the main importer of ribbed or other deformed wire rod of non-alloy steel in ECOWAS, with the volume of imports recording X tons, which was near 45% of total imports in 2021. It was distantly followed by Senegal (X tons), Cote d'Ivoire (X tons), Benin (X tons) and Ghana (X tons), together comprising a 45% share of total imports. Togo (X tons) and Cabo Verde (X tons) held a little share of total imports.

From 2012 to 2021, average annual rates of growth with regard to deformed non-alloy steel wire rod imports into Guinea stood at +15.1%. At the same time, Cote d'Ivoire (+41.0%), Togo (+34.2%) and Cabo Verde (+12.2%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +41.0% from 2012-2021. Benin experienced a relatively flat trend pattern. By contrast, Senegal (-1.7%) and Ghana (-25.9%) illustrated a downward trend over the same period. While the share of Guinea (+37 p.p.), Cote d'Ivoire (+11 p.p.), Senegal (+5.1 p.p.), Togo (+3.8 p.p.), Benin (+3.8 p.p.) and Cabo Verde (+1.6 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Ghana (-62.7 p.p.) displayed negative dynamics.

In value terms, Guinea ($X) constitutes the largest market for imported ribbed or other deformed wire rod of non-alloy steel in ECOWAS, comprising 42% of total imports. The second position in the ranking was held by Senegal ($X), with an 18% share of total imports. It was followed by Cote d'Ivoire, with a 12% share.

From 2012 to 2021, the average annual growth rate of value in Guinea stood at +19.3%. In the other countries, the average annual rates were as follows: Senegal (-0.1% per year) and Cote d'Ivoire (+43.6% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2021, growing by 21% against the previous year. Over the period under review, the import price continues to indicate a relatively flat trend pattern. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Benin (+5.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform