ECOWAS: Non-Alloy Steel U-Section Market 2024

Non-Alloy Steel U-Section Market Size in ECOWAS

After three years of growth, the ECOWAS non-alloy steel u-section market decreased by -10.9% to $X in 2022. In general, consumption saw a noticeable decline. The level of consumption peaked at $X in 2012; however, from 2013 to 2022, consumption failed to regain momentum.

Non-Alloy Steel U-Section Production in ECOWAS

In value terms, non-alloy steel u-section production rose slightly to $X in 2022 estimated in export price. Overall, production, however, saw a perceptible setback. The most prominent rate of growth was recorded in 2020 when the production volume increased by 6.4% against the previous year. Over the period under review, production hit record highs at $X in 2012; however, from 2013 to 2022, production failed to regain momentum.

Non-Alloy Steel U-Section Exports

Exports in ECOWAS

In 2022, approx. X tons of u-sections of non-alloy steel were exported in ECOWAS; reducing by -20.1% compared with the previous year's figure. In general, exports, however, showed strong growth. The pace of growth was the most pronounced in 2014 when exports increased by 91% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2019; however, from 2020 to 2022, the exports remained at a lower figure.

In value terms, non-alloy steel u-section exports declined significantly to $X in 2022. Overall, exports, however, showed a moderate increase. The most prominent rate of growth was recorded in 2018 when exports increased by 72%. The level of export peaked at $X in 2019; however, from 2020 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

In 2022, Senegal (X tons) and Ghana (X tons) were the major exporters of u-sections of non-alloy steel in ECOWAS, together accounting for approx. 61% of total exports. Nigeria (X tons) held the next position in the ranking, followed by Togo (X tons) and Mali (X tons). All these countries together took approx. 37% share of total exports.

From 2012 to 2022, the biggest increases were recorded for Togo (with a CAGR of +48.8%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest non-alloy steel u-section supplying countries in ECOWAS were Senegal ($X), Ghana ($X) and Nigeria ($X), with a combined 75% share of total exports. Togo and Mali lagged somewhat behind, together comprising a further 21%.

In terms of the main exporting countries, Togo, with a CAGR of +62.3%, saw the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, falling by -9.6% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2013 an increase of 33% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2014 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Mali ($X per ton) and Togo ($X per ton), while Ghana ($X per ton) and Nigeria ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+9.0%), while the other leaders experienced mixed trends in the export price figures.

Non-Alloy Steel U-Section Imports

Imports in ECOWAS

In 2022, approx. X tons of u-sections of non-alloy steel were imported in ECOWAS; with a decrease of -20.2% against the previous year. Over the period under review, imports recorded a mild contraction. The most prominent rate of growth was recorded in 2017 when imports increased by 90%. The volume of import peaked at X tons in 2021, and then declined remarkably in the following year.

In value terms, non-alloy steel u-section imports fell markedly to $X in 2022. Overall, imports showed a noticeable downturn. The most prominent rate of growth was recorded in 2017 with an increase of 100% against the previous year. The level of import peaked at $X in 2021, and then shrank significantly in the following year.

Imports by Country

In 2022, Ghana (X tons) was the main importer of u-sections of non-alloy steel, achieving 48% of total imports. Cote d'Ivoire (X tons) ranks second in terms of the total imports with an 18% share, followed by Senegal (11%), Guinea (7.8%) and Mali (5.9%). Nigeria (X tons) and Togo (X tons) took a little share of total imports.

From 2012 to 2022, average annual rates of growth with regard to non-alloy steel u-section imports into Ghana stood at +12.6%. At the same time, Guinea (+35.1%), Cote d'Ivoire (+6.1%) and Senegal (+3.6%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of +35.1% from 2012-2022. Mali experienced a relatively flat trend pattern. By contrast, Togo (-5.3%) and Nigeria (-25.3%) illustrated a downward trend over the same period. While the share of Ghana (+35 p.p.), Cote d'Ivoire (+9.2 p.p.), Guinea (+7.4 p.p.) and Senegal (+4 p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Nigeria (-50.3 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) constitutes the largest market for imported u-sections of non-alloy steel in ECOWAS, comprising 46% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with an 18% share of total imports. It was followed by Senegal, with an 11% share.

From 2012 to 2022, the average annual rate of growth in terms of value in Ghana stood at +11.2%. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+4.1% per year) and Senegal (+3.9% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2022, with a decrease of -5.5% against the previous year. Over the period under review, the import price showed a mild setback. The pace of growth was the most pronounced in 2021 when the import price increased by 31% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Togo ($X per ton), while Mali ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Togo (+6.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform