Western Africa: Market for Copper Bars, Wire And Plates 2024

Market Size for Copper Bars, Wire And Plates in Western Africa

In 2021, the West African market for copper bars, wire and plates decreased by -15% to $X for the first time since 2018, thus ending a two-year rising trend. The total consumption indicated a mild expansion from 2012 to 2021: its value increased at an average annual rate of +1.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, consumption increased by +58.1% against 2018 indices. As a result, consumption attained the peak level of $X, and then declined in the following year.

Production of Copper Bars, Wire And Plates in Western Africa

In value terms, copper bars, wire and plates production declined rapidly to $X in 2021 estimated in export price. The total production indicated a temperate increase from 2012 to 2021: its value increased at an average annual rate of +2.4% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production increased by +67.1% against 2018 indices. The pace of growth appeared the most rapid in 2020 when the production volume increased by 46%. As a result, production reached the peak level of $X, and then dropped dramatically in the following year.

Exports of Copper Bars, Wire And Plates

Exports in Western Africa

In 2021, approx. X tons of copper bars, wire and plates were exported in Western Africa; picking up by 30% on the previous year's figure. Over the period under review, exports recorded a relatively flat trend pattern. The growth pace was the most rapid in 2017 with an increase of 35% against the previous year. Over the period under review, the exports reached the peak figure at X tons in 2014; however, from 2015 to 2021, the exports stood at a somewhat lower figure.

In value terms, copper bars, wire and plates exports surged to $X in 2021. Overall, exports, however, recorded a relatively flat trend pattern. Over the period under review, the exports hit record highs at $X in 2013; however, from 2014 to 2021, the exports remained at a lower figure.

Exports by Country

Senegal dominates exports structure, recording X tons, which was approx. 79% of total exports in 2021. Nigeria (X tons) took the second position in the ranking, followed by Ghana (X tons). All these countries together held near 11% share of total exports. Togo (X tons), Benin (X tons) and Sierra Leone (X tons) followed a long way behind the leaders.

Senegal experienced a relatively flat trend pattern with regard to volume of exports of copper bars, wire and plates. At the same time, Sierra Leone (+73.1%), Togo (+29.7%), Benin (+23.0%) and Ghana (+3.8%) displayed positive paces of growth. Moreover, Sierra Leone emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +73.1% from 2012-2021. By contrast, Nigeria (-1.1%) illustrated a downward trend over the same period. While the share of Togo (+3.1 p.p.), Benin (+2.6 p.p.) and Sierra Leone (+1.7 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Senegal (-7.5 p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Senegal ($X) remains the largest copper bars, wire and plates supplier in Western Africa, comprising 88% of total exports. The second position in the ranking was taken by Nigeria ($X), with a 3.7% share of total exports. It was followed by Benin, with a 3.2% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Senegal was relatively modest. The remaining exporting countries recorded the following average annual rates of exports growth: Nigeria (-7.5% per year) and Benin (+24.3% per year).

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, increasing by 33% against the previous year. Over the period under review, the export price, however, continues to indicate a slight decrease. The level of export peaked at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+4.5%), while the other leaders experienced mixed trends in the export price figures.

Imports of Copper Bars, Wire And Plates

Imports in Western Africa

After four years of growth, overseas purchases of copper bars, wire and plates decreased by -13.5% to X tons in 2021. In general, imports saw a relatively flat trend pattern. The growth pace was the most rapid in 2014 when imports increased by 38% against the previous year. As a result, imports attained the peak of X tons. From 2015 to 2021, the growth of imports remained at a lower figure.

In value terms, copper bars, wire and plates imports skyrocketed to $X in 2021. Overall, imports continue to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2014 with an increase of 30% against the previous year. As a result, imports attained the peak of $X. From 2015 to 2021, the growth of imports remained at a somewhat lower figure.

Imports by Country

In 2021, Cote d'Ivoire (X tons) and Senegal (X tons) represented the largest importers of copper bars, wire and plates in Western Africa, together constituting 57% of total imports. Nigeria (X tons) held an 18% share (based on physical terms) of total imports, which put it in second place, followed by Ghana (18%). The following importers - Togo (X tons) and Benin (X tons) - each reached a 5.8% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Cote d'Ivoire (with a CAGR of +12.8%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, the largest copper bars, wire and plates importing markets in Western Africa were Senegal ($X), Cote d'Ivoire ($X) and Ghana ($X), together comprising 75% of total imports.

In terms of the main importing countries, Cote d'Ivoire, with a CAGR of +12.6%, saw the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, picking up by 34% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

Average prices varied noticeably amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Senegal ($X per ton) and Benin ($X per ton), while Togo ($X per ton) and Nigeria ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+1.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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