Western Africa: Cold-Rolled Steel Products Market 2025

Cold-Rolled Steel Products Exports

Exports in Western Africa

In 2022, overseas shipments of flat-rolled products of iron or steel (not further worked than cold-rolled) decreased by -2.2% to X tons for the first time since 2018, thus ending a three-year rising trend. Total exports indicated a notable expansion from 2012 to 2022: its volume increased at an average annual rate of +4.1% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +80.8% against 2018 indices. The most prominent rate of growth was recorded in 2020 with an increase of 31% against the previous year. The volume of export peaked at X tons in 2021, and then reduced in the following year.

In value terms, cold-rolled steel products exports declined slightly to $X in 2022. Total exports indicated a perceptible increase from 2012 to 2022: its value increased at an average annual rate of +2.5% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by +76.4% against 2018 indices. The pace of growth was the most pronounced in 2020 with an increase of 30% against the previous year. The level of export peaked at $X in 2021, and then reduced modestly in the following year.

Exports by Country

In 2022, Senegal (X tons) was the main exporter of flat-rolled products of iron or steel (not further worked than cold-rolled), making up 64% of total exports. Benin (X tons) took a 19% share (based on physical terms) of total exports, which put it in second place, followed by Ghana (8.1%) and Togo (5.8%).

From 2012 to 2022, average annual rates of growth with regard to cold-rolled steel products exports from Senegal stood at +7.3%. At the same time, Benin (+15.0%) displayed positive paces of growth. Moreover, Benin emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +15.0% from 2012-2022. By contrast, Ghana (-1.1%) and Togo (-9.3%) illustrated a downward trend over the same period. While the share of Senegal (+17 p.p.) and Benin (+12 p.p.) increased significantly in terms of the total exports from 2012-2022, the share of Ghana (-5.4 p.p.) and Togo (-17.4 p.p.) displayed negative dynamics.

In value terms, Senegal ($X) remains the largest cold-rolled steel products supplier in Western Africa, comprising 63% of total exports. The second position in the ranking was held by Benin ($X), with an 18% share of total exports. It was followed by Ghana, with an 8.6% share.

In Senegal, cold-rolled steel products exports expanded at an average annual rate of +6.0% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Benin (+10.5% per year) and Ghana (-2.2% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2022, remaining constant against the previous year. Overall, the export price, however, continues to indicate a slight reduction. The pace of growth appeared the most rapid in 2018 when the export price increased by 16%. Over the period under review, the export prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2022, the export prices failed to regain momentum.

Average prices varied somewhat amongst the major exporting countries. In 2022, major exporting countries recorded the following prices: in Ghana ($X per ton) and Senegal ($X per ton), while Togo ($X per ton) and Benin ($X per ton) were amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (-1.2%), while the other leaders experienced a decline in the export price figures.

Cold-Rolled Steel Products Imports

Imports in Western Africa

After two years of growth, purchases abroad of flat-rolled products of iron or steel (not further worked than cold-rolled) decreased by -9.6% to X tons in 2022. Over the period under review, imports continue to indicate a noticeable curtailment. The most prominent rate of growth was recorded in 2021 when imports increased by 32%. The volume of import peaked at X tons in 2013; however, from 2014 to 2022, imports remained at a lower figure.

In value terms, cold-rolled steel products imports expanded sharply to $X in 2022. Overall, imports showed a noticeable reduction. The pace of growth appeared the most rapid in 2021 with an increase of 52%. Over the period under review, imports reached the maximum at $X in 2012; however, from 2013 to 2022, imports remained at a lower figure.

Imports by Country

In 2022, Ghana (X tons), Nigeria (X tons) and Burkina Faso (X tons) represented the major importer of flat-rolled products of iron or steel (not further worked than cold-rolled) in Western Africa, generating 57% of total import. Cote d'Ivoire (X tons) took an 11% share (based on physical terms) of total imports, which put it in second place, followed by Senegal (9.6%) and Togo (9.4%). Guinea (X tons) followed a long way behind the leaders.

From 2012 to 2022, the biggest increases were recorded for Burkina Faso (with a CAGR of +10.5%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X), Burkina Faso ($X) and Ghana ($X) constituted the countries with the highest levels of imports in 2022, with a combined 63% share of total imports.

In terms of the main importing countries, Burkina Faso, with a CAGR of +14.5%, recorded the highest growth rate of 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

In 2022, the import price in Western Africa amounted to $X per ton, jumping by 21% against the previous year. Over the last decade, it increased at an average annual rate of +1.2%. As a result, import price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Burkina Faso ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Nigeria (+3.9%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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