Western Africa: Flat-Rolled Steel Products Market 2025

Flat-Rolled Steel Products Market Size in Western Africa

The West African flat-rolled steel products market fell modestly to $X in 2021, approximately equating the previous year. Over the period under review, consumption continues to indicate a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2015 to 2021, the growth of the market remained at a somewhat lower figure.

Flat-Rolled Steel Products Production in Western Africa

In value terms, flat-rolled steel products production expanded slightly to $X in 2021 estimated in export price. In general, production, however, saw a perceptible decline. The growth pace was the most rapid in 2014 with an increase of 20% against the previous year. As a result, production attained the peak level of $X. From 2015 to 2021, production growth failed to regain momentum.

Flat-Rolled Steel Products Exports

Exports in Western Africa

In 2021, shipments abroad of flat-rolled products of iron or non-alloy steel increased by 60% to X tons, rising for the second year in a row after two years of decline. Overall, exports, however, saw a deep slump. The most prominent rate of growth was recorded in 2016 with an increase of 174% against the previous year. Over the period under review, the exports attained the maximum at X tons in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

In value terms, flat-rolled steel products exports soared to $X in 2021. In general, exports, however, faced a deep contraction. The pace of growth appeared the most rapid in 2014 with an increase of 250%. Over the period under review, the exports attained the peak figure at $X in 2017; however, from 2018 to 2021, the exports remained at a lower figure.

Exports by Country

Ghana (X tons) and Nigeria (X tons) prevails in exports structure, together creating 90% of total exports. It was distantly followed by Togo (X tons), achieving an 8.3% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Nigeria (with a CAGR of +4.7%), while shipments for the other leaders experienced a decline in the exports figures.

In value terms, Nigeria ($X), Ghana ($X) and Togo ($X) appeared to be the countries with the highest levels of exports in 2021, together comprising 97% of total exports.

In terms of the main exporting countries, Ghana, with a CAGR of +10.3%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced mixed trends in the exports figures.

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, growing by 8.6% against the previous year. Export price indicated a notable increase from 2012 to 2021: its price increased at an average annual rate of +3.9% over the last nine-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, flat-rolled steel products export price decreased by -26.1% against 2019 indices. The pace of growth appeared the most rapid in 2019 when the export price increased by 47% against the previous year. As a result, the export price reached the peak level of $X per ton. From 2020 to 2021, the export prices remained at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+10.9%), while the other leaders experienced mixed trends in the export price figures.

Flat-Rolled Steel Products Imports

Imports in Western Africa

In 2021, flat-rolled steel products imports in Western Africa reduced markedly to X tons, waning by -18.4% on the previous year's figure. Overall, imports, however, continue to indicate a strong expansion. The most prominent rate of growth was recorded in 2014 with an increase of 162%. Over the period under review, imports hit record highs at X tons in 2020, and then declined significantly in the following year.

In value terms, flat-rolled steel products imports dropped to $X in 2021. Over the period under review, imports, however, showed strong growth. The pace of growth was the most pronounced in 2014 when imports increased by 114%. Over the period under review, imports reached the maximum at $X in 2020, and then dropped in the following year.

Imports by Country

Nigeria was the key importer of flat-rolled products of iron or non-alloy steel in Western Africa, with the volume of imports finishing at X tons, which was near 60% of total imports in 2021. Cote d'Ivoire (X tons) ranks second in terms of the total imports with a 19% share, followed by Ghana (17%). Togo (X tons) followed a long way behind the leaders.

Nigeria was also the fastest-growing in terms of the flat-rolled products of iron or non-alloy steel imports, with a CAGR of +12.3% from 2012 to 2021. At the same time, Cote d'Ivoire (+7.8%), Ghana (+5.8%) and Togo (+1.3%) displayed positive paces of growth. From 2012 to 2021, the share of Nigeria increased by +16 percentage points. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported flat-rolled products of iron or non-alloy steel in Western Africa, comprising 65% of total imports. The second position in the ranking was held by Cote d'Ivoire ($X), with a 17% share of total imports. It was followed by Ghana, with a 15% share.

From 2012 to 2021, the average annual rate of growth in terms of value in Nigeria stood at +13.7%. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (+7.0% per year) and Ghana (+4.4% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, rising by 9.7% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2020 an increase of 22% against the previous year. The level of import peaked in 2021 and is likely to continue growth in the near future.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Nigeria ($X per ton) and Cote d'Ivoire ($X per ton), while Togo ($X per ton) and Ghana ($X per ton) were amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Nigeria (+1.2%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform

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