Western Africa: Market for Raw Steel And Steel Semi-Finished Products 2025

Market Size for Raw Steel And Steel Semi-Finished Products in Western Africa

In 2021, the West African market for raw steel and steel semi-finished products decreased by -2.6% to $X for the first time since 2017, thus ending a three-year rising trend. Overall, consumption, however, enjoyed a remarkable increase. The level of consumption peaked at $X in 2020, and then contracted in the following year.

Production of Raw Steel And Steel Semi-Finished Products in Western Africa

In value terms, production of raw steel and steel semi-finished products totaled $X in 2021 estimated in export price. The total production indicated a notable expansion from 2012 to 2021: its value increased at an average annual rate of +4.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, production decreased by -0.8% against 2019 indices. The growth pace was the most rapid in 2018 when the production volume increased by 80% against the previous year. Over the period under review, production of hit record highs at $X in 2014; however, from 2015 to 2021, production remained at a lower figure.

Exports of Raw Steel And Steel Semi-Finished Products

Exports in Western Africa

Exports of raw steel and steel semi-finished products fell remarkably to X tons in 2021, waning by -67.8% against the previous year's figure. In general, exports faced a deep contraction. The growth pace was the most rapid in 2017 when exports increased by 206% against the previous year. As a result, the exports attained the peak of X tons. From 2018 to 2021, the growth of the exports of remained at a somewhat lower figure.

In value terms, exports of raw steel and steel semi-finished products reduced sharply to $X in 2021. Over the period under review, exports faced a abrupt contraction. The most prominent rate of growth was recorded in 2017 when exports increased by 354% against the previous year. The level of export peaked at $X in 2013; however, from 2014 to 2021, the exports failed to regain momentum.

Exports by Country

Senegal was the key exporting country with an export of around X tons, which finished at 66% of total exports. It was distantly followed by Nigeria (X tons), generating a 27% share of total exports. Ghana (X tons) followed a long way behind the leaders.

Senegal was also the fastest-growing in terms of the raw steel and steel semi-finished products exports, with a CAGR of +22.0% from 2012 to 2021. Nigeria (-19.3%) and Ghana (-26.8%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Senegal increased by +64 percentage points.

In value terms, Nigeria ($X), Senegal ($X) and Ghana ($X) appeared to be the countries with the highest levels of exports in 2021, together accounting for 98% of total exports.

In terms of the main exporting countries, Senegal, with a CAGR of +15.1%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, with an increase of 70% against the previous year. Overall, the export price recorded a modest increase. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+6.4%), while the other leaders experienced a decline in the export price figures.

Imports of Raw Steel And Steel Semi-Finished Products

Imports in Western Africa

In 2021, overseas purchases of raw steel and steel semi-finished products decreased by -12.9% to X tons for the first time since 2018, thus ending a two-year rising trend. Overall, imports, however, posted a prominent expansion. The most prominent rate of growth was recorded in 2019 with an increase of 508%. Over the period under review, imports of attained the maximum at X tons in 2020, and then dropped in the following year.

In value terms, imports of raw steel and steel semi-finished products fell to $X in 2021. In general, imports, however, recorded a resilient expansion. The most prominent rate of growth was recorded in 2019 with an increase of 296%. Over the period under review, imports of reached the peak figure at $X in 2020, and then declined in the following year.

Imports by Country

Nigeria dominates products structure, accounting for X tons, which was approx. 86% of total imports in 2021. Ghana (X tons) took the second position in the ranking, followed by Senegal (X tons). All these countries together took approx. 12% share of total imports.

Imports into Nigeria increased at an average annual rate of +15.8% from 2012 to 2021. At the same time, Senegal (+27.9%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +27.9% from 2012-2021. Ghana experienced a relatively flat trend pattern. While the share of Nigeria (+18 p.p.) and Senegal (+3.4 p.p.) increased significantly in terms of the total imports from 2012-2021, the share of Ghana (-13.4 p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) constitutes the largest market for imported raw steel and steel semi-finished products in Western Africa, comprising 87% of total imports. The second position in the ranking was taken by Ghana ($X), with a 7.8% share of total imports.

In Nigeria, imports of raw steel and steel semi-finished products expanded at an average annual rate of +16.9% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Ghana (-0.2% per year) and Senegal (+19.0% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, growing by 7.1% against the previous year. Over the period under review, the import price, however, saw a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 when the import price increased by 45%. As a result, import price attained the peak level of $X per ton. From 2019 to 2021, the import prices remained at a lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+0.9%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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