Western Africa: Market for Chromium Ores and Concentrates 2024

Market Size for Chromium Ores and Concentrates in Western Africa

The West African chromium ore and concentrate market surged to $X in 2022, jumping by 1,082% against the previous year. Overall, consumption posted a significant expansion. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Production of Chromium Ores and Concentrates in Western Africa

In value terms, chromium ore and concentrate production surged to $X in 2022 estimated in export price. Over the period under review, production continues to indicate a mild setback. The pace of growth was the most pronounced in 2020 when the production volume increased by 185% against the previous year. As a result, production attained the peak level of $X. From 2021 to 2022, production growth failed to regain momentum.

Exports of Chromium Ores and Concentrates

Exports in Western Africa

For the third year in a row, Western Africa recorded growth in shipments abroad of chromium ores and concentrates, which increased by 905% to X tons in 2021. Over the period under review, exports recorded a significant increase. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

In value terms, chromium ore and concentrate exports skyrocketed to $X in 2021. In general, exports posted significant growth. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

The shipments of the one major exporters of chromium ores and concentrates, namely Nigeria, represented more than two-thirds of total export.

Nigeria was also the fastest-growing in terms of the chromium ores and concentrates exports, with a CAGR of +910.3% from 2012 to 2021. While the share of Nigeria (+99 p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) also remains the largest chromium ore and concentrate supplier in Western Africa.

In Nigeria, chromium ore and concentrate exports increased at an average annual rate of +856.7% over the period from 2012-2021.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, dropping by -5.4% against the previous year. Over the period under review, the export price recorded a abrupt slump. The most prominent rate of growth was recorded in 2015 when the export price increased by 169%. As a result, the export price attained the peak level of $X per ton. From 2016 to 2021, the export prices failed to regain momentum.

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

From 2012 to 2021, the rate of growth in terms of prices for Nigeria amounted to -5.2% per year.

Imports of Chromium Ores and Concentrates

Imports in Western Africa

In 2022, overseas purchases of chromium ores and concentrates were finally on the rise to reach X tons after two years of decline. Overall, imports recorded slight growth. The pace of growth was the most pronounced in 2019 when imports increased by 877% against the previous year. As a result, imports reached the peak of X tons. From 2020 to 2022, the growth of imports failed to regain momentum.

In value terms, chromium ore and concentrate imports surged to $X in 2022. Over the period under review, imports, however, saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2019 with an increase of 276%. As a result, imports attained the peak of $X. From 2020 to 2022, the growth of imports remained at a somewhat lower figure.

Imports by Country

Nigeria was the largest importer of chromium ores and concentrates in Western Africa, with the volume of imports finishing at X tons, which was approx. 56% of total imports in 2022. It was distantly followed by Saint Helena, Ascension and Tristan da Cunha (X tons), Mauritania (X tons) and Ghana (X tons), together generating a 44% share of total imports.

From 2012 to 2022, average annual rates of growth with regard to chromium ore and concentrate imports into Nigeria stood at -1.7%. At the same time, Mauritania (+1.7%) displayed positive paces of growth. Moreover, Mauritania emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +1.7% from 2012-2022. By contrast, Ghana (-5.7%) and Saint Helena, Ascension and Tristan da Cunha (-61.4%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Saint Helena, Ascension and Tristan da Cunha increased by +27 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported chromium ores and concentrates in Western Africa, comprising 68% of total imports. The second position in the ranking was taken by Saint Helena, Ascension and Tristan da Cunha ($X), with a 15% share of total imports. It was followed by Ghana, with a 10% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria amounted to -2.5%. In the other countries, the average annual rates were as follows: Saint Helena, Ascension and Tristan da Cunha (-53.4% per year) and Ghana (-2.9% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, falling by -5.5% against the previous year. Over the period under review, the import price continues to indicate a perceptible curtailment. The pace of growth appeared the most rapid in 2020 when the import price increased by 164%. Over the period under review, import prices hit record highs 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 Ghana ($X per ton), while Saint Helena, Ascension and Tristan da Cunha ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Saint Helena, Ascension and Tristan da Cunha (+20.8%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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