Ghana: Cold-Rolled Steel Products Market 2024

Cold-Rolled Steel Products Market Size in Ghana

The Ghanian cold-rolled steel products market soared to $X in 2022, with an increase of 23% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). Overall, consumption saw prominent growth. Over the period under review, the market attained the peak level in 2022 and is expected to retain growth in the near future.

Cold-Rolled Steel Products Exports

Exports from Ghana

In 2022, approx. X tons of flat-rolled products of iron or steel (not further worked than cold-rolled) were exported from Ghana; waning by -5.5% compared with the year before. Overall, exports showed a mild curtailment. The most prominent rate of growth was recorded in 2019 when exports increased by 63% against the previous year. The exports peaked at X tons in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

In value terms, cold-rolled steel products exports contracted to $X in 2022. In general, exports saw a noticeable decrease. The most prominent rate of growth was recorded in 2019 with an increase of 42%. The exports peaked at $X in 2015; however, from 2016 to 2022, the exports stood at a somewhat lower figure.

Exports by Country

Liberia (X tons), Benin (X tons) and Burkina Faso (X tons) were the main destinations of cold-rolled steel products exports from Ghana, together comprising 75% of total exports.

From 2012 to 2022, the biggest increases were recorded for Liberia (with a CAGR of +26.7%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, Liberia ($X), Angola ($X) and Benin ($X) appeared to be the largest markets for cold-rolled steel products exported from Ghana worldwide, together accounting for 78% of total exports.

Angola, with a CAGR of +26.2%, saw the highest rates of growth with regard to the value of exports, in terms of the main countries of destination over the period under review, while shipments for the other leaders experienced mixed trend patterns.

Export Prices by Country

In 2022, the average cold-rolled steel products export price amounted to $X per ton, growing by 2.6% against the previous year. Overall, the export price, however, showed a mild curtailment. The pace of growth was the most pronounced in 2018 when the average export price increased by 25%. Over the period under review, the average export prices reached the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Angola ($X per ton), while the average price for exports to Burkina Faso ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was recorded for supplies to Cote d'Ivoire (+2.7%), while the prices for the other major destinations experienced mixed trend patterns.

Cold-Rolled Steel Products Imports

Imports into Ghana

In 2022, approx. X tons of flat-rolled products of iron or steel (not further worked than cold-rolled) were imported into Ghana; increasing by 9.4% against the year before. In general, total imports indicated buoyant growth from 2012 to 2022: its volume increased at an average annual rate of +7.0% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by -1.2% against 2020 indices. The most prominent rate of growth was recorded in 2014 when imports increased by 52%. Imports peaked at X tons in 2020; however, from 2021 to 2022, imports failed to regain momentum.

In value terms, cold-rolled steel products imports skyrocketed to $X in 2022. Overall, total imports indicated a remarkable increase from 2012 to 2022: its value increased at an average annual rate of +5.2% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by +133.0% against 2016 indices. The most prominent rate of growth was recorded in 2020 when imports increased by 47% against the previous year. Imports peaked in 2022 and are likely to see steady growth in the immediate term.

Imports by Country

In 2022, China (X tons) constituted the largest supplier of cold-rolled steel products to Ghana, with a 78% share of total imports. Moreover, cold-rolled steel products imports from China exceeded the figures recorded by the second-largest supplier, Ukraine (X tons), tenfold. The third position in this ranking was taken by Egypt (X tons), with a 4.3% share.

From 2012 to 2022, the average annual growth rate of volume from China totaled +19.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (-6.2% per year) and Egypt (-10.7% per year).

In value terms, China ($X) constituted the largest supplier of flat-rolled products of iron or steel (not further worked than cold-rolled) to Ghana, comprising 81% of total imports. The second position in the ranking was taken by Ukraine ($X), with a 5.6% share of total imports. It was followed by India, with a 3.5% share.

From 2012 to 2022, the average annual growth rate of value from China amounted to +15.9%. The remaining supplying countries recorded the following average annual rates of imports growth: Ukraine (-11.8% per year) and India (-3.6% per year).

Import Prices by Country

In 2022, the average cold-rolled steel products import price amounted to $X per ton, surging by 14% against the previous year. In general, the import price, however, showed a slight descent. The pace of growth was the most pronounced in 2018 an increase of 17% against the previous year. Over the period under review, average import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2022, import prices stood at a somewhat lower figure.

There were significant differences in the average prices amongst the major supplying countries. In 2022, amid the top importers, the country with the highest price was China ($X per ton), while the price for Egypt ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Egypt (+2.5%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :