Ghana: 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 Ghana

The Ghanian market for ribbed or other deformed wire rod of non-alloy steel surged to $X in 2021, rising by 29% 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). In general, consumption, however, showed a dramatic decline. Over the period under review, the market reached the maximum level at $X in 2013; however, from 2014 to 2021, consumption remained at a lower figure.

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

Exports from Ghana

In 2021, overseas shipments of ribbed or other deformed wire rod of non-alloy steel decreased by -20% to X kg, falling for the seventh year in a row after three years of growth. Over the period under review, exports continue to indicate a significant curtailment. The pace of growth appeared the most rapid in 2013 with an increase of 148% against the previous year. The exports peaked at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, deformed non-alloy steel wire rod exports shrank sharply to $X in 2021. In general, exports saw a precipitous curtailment. The most prominent rate of growth was recorded in 2013 when exports increased by 76%. Over the period under review, the exports reached the peak figure at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Togo (X kg) was the main destination for deformed non-alloy steel wire rod exports from Ghana, accounting for a approx. 100% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of volume to Togo amounted to -38.4%.

In value terms, Togo ($X) also remains the key foreign market for ribbed or other deformed wire rod of non-alloy steel exports from Ghana.

From 2012 to 2021, the average annual growth rate of value to Togo totaled -37.8%.

Export Prices by Country

The average export price for ribbed or other deformed wire rod of non-alloy steel stood at $X per ton in 2021, leveling off at the previous year. Overall, export price indicated a slight expansion from 2012 to 2021: its price increased at an average annual rate of +1.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, deformed non-alloy steel wire rod export price increased by +72.2% against 2014 indices. The most prominent rate of growth was recorded in 2019 when the average export price increased by 20%. The export price peaked in 2021 and is expected to retain growth in years to come.

As there is only one major export destination, the average price level is determined by prices for Togo.

From 2012 to 2021, the rate of growth in terms of prices for Togo amounted to +1.0% per year.

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

Imports into Ghana

Deformed non-alloy steel wire rod imports into Ghana contracted to X tons in 2021, therefore, remained relatively stable against the year before. In general, imports showed a significant curtailment. The most prominent rate of growth was recorded in 2013 with an increase of 15%. As a result, imports reached the peak of X tons. From 2014 to 2021, the growth of imports failed to regain momentum.

In value terms, deformed non-alloy steel wire rod imports soared to $X in 2021. Over the period under review, imports saw a precipitous slump. Over the period under review, imports attained the peak figure at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, China (X tons) constituted the largest deformed non-alloy steel wire rod supplier to Ghana, with a 47% share of total imports. Moreover, deformed non-alloy steel wire rod imports from China exceeded the figures recorded by the second-largest supplier, the UK (X tons), threefold. The third position in this ranking was held by Brazil (X tons), with a 14% share.

From 2012 to 2021, the average annual growth rate of volume from China amounted to -22.0%. The remaining supplying countries recorded the following average annual rates of imports growth: the UK (+16.3% per year) and Brazil (-18.3% per year).

In value terms, China ($X) constituted the largest supplier of ribbed or other deformed wire rod of non-alloy steel to Ghana, comprising 45% of total imports. The second position in the ranking was held by Brazil ($X), with a 19% share of total imports. It was followed by the UK, with a 13% share.

From 2012 to 2021, the average annual growth rate of value from China totaled -17.8%. The remaining supplying countries recorded the following average annual rates of imports growth: Brazil (-14.9% per year) and the UK (+17.8% per year).

Import Prices by Country

In 2021, the average import price for ribbed or other deformed wire rod of non-alloy steel amounted to $X per ton, rising by 41% against the previous year. In general, import price indicated a slight expansion from 2012 to 2021: its price increased at an average annual rate of +1.2% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, deformed non-alloy steel wire rod import price increased by +73.9% against 2017 indices. As a result, import price attained the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major supplying countries. In 2021, amid the top importers, the country with the highest price was Turkey ($X per ton), while the price for Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Turkey (+31.0%), while the prices for the other major suppliers experienced more modest paces of growth.

Source: IndexBox Platform

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