Western Africa: Hot-Rolled Steel Products Market 2025

Hot-Rolled Steel Products Market Size in Western Africa

The West African hot-rolled steel products market declined to $X in 2021, with a decrease of -12.3% against the previous year. In general, consumption, however, continues to indicate a relatively flat trend pattern. The level of consumption peaked at $X in 2020, and then reduced in the following year.

Hot-Rolled Steel Products Production in Western Africa

In value terms, hot-rolled steel products production reduced slightly to $X in 2021 estimated in export price. Over the period under review, production, however, saw a relatively flat trend pattern. The pace of growth appeared the most rapid in 2017 when the production volume increased by 19% against the previous year. As a result, production reached the peak level of $X. From 2018 to 2021, production growth remained at a lower figure.

Hot-Rolled Steel Products Exports

Exports in Western Africa

In 2021, after three years of decline, there was significant growth in shipments abroad of flat-rolled products of iron or steel (not further worked than hot-rolled), when their volume increased by 24% to X tons. In general, exports, however, showed a pronounced shrinkage. Over the period under review, the exports attained the peak figure at X tons in 2014; however, from 2015 to 2021, the exports remained at a lower figure.

In value terms, hot-rolled steel products exports skyrocketed to $X in 2021. Overall, exports, however, saw a pronounced descent. Over the period under review, the exports attained the maximum at $X in 2014; however, from 2015 to 2021, the exports failed to regain momentum.

Exports by Country

Senegal dominates exports structure, resulting at X tons, which was near 72% of total exports in 2021. Benin (X tons) took the second position in the ranking, followed by Cote d'Ivoire (X tons), Ghana (X tons) and Togo (X tons). All these countries together took near 24% share of total exports. Nigeria (X tons) followed a long way behind the leaders.

From 2012 to 2021, average annual rates of growth with regard to hot-rolled steel products exports from Senegal stood at -1.8%. At the same time, Cote d'Ivoire (+12.5%) and Benin (+3.4%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +12.5% from 2012-2021. By contrast, Togo (-10.2%), Ghana (-14.5%) and Nigeria (-18.5%) illustrated a downward trend over the same period. While the share of Senegal (+12 p.p.), Cote d'Ivoire (+4.6 p.p.) and Benin (+3.6 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Togo (-4.4 p.p.), Nigeria (-5.3 p.p.) and Ghana (-10.8 p.p.) displayed negative dynamics.

In value terms, Senegal ($X) remains the largest hot-rolled steel products supplier in Western Africa, comprising 77% of total exports. The second position in the ranking was held by Benin ($X), with a 6.3% share of total exports. It was followed by Ghana, with a 5.6% share.

In Senegal, hot-rolled steel products exports remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: Benin (+2.4% per year) and Ghana (-13.3% per year).

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, picking up by 14% against the previous year. Over the period from 2012 to 2021, it increased at an average annual rate of +1.6%. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

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 Senegal ($X per ton), while Nigeria ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Senegal (+2.5%), while the other leaders experienced mixed trends in the export price figures.

Hot-Rolled Steel Products Imports

Imports in Western Africa

In 2021, imports of flat-rolled products of iron or steel (not further worked than hot-rolled) in Western Africa reduced rapidly to X tons, with a decrease of -36.8% compared with 2020 figures. In general, imports recorded a noticeable curtailment. The growth pace was the most rapid in 2020 when imports increased by 72% against the previous year. As a result, imports reached the peak of X tons, and then fell markedly in the following year.

In value terms, hot-rolled steel products imports plummeted to $X in 2021. Overall, imports, however, recorded a temperate expansion. The pace of growth appeared the most rapid in 2020 with an increase of 70%. As a result, imports attained the peak of $X, and then fell rapidly in the following year.

Imports by Country

Nigeria prevails in imports structure, recording X tons, which was near 76% of total imports in 2021. Ghana (X tons) held the second position in the ranking, followed by Cote d'Ivoire (X tons). All these countries together held approx. 13% share of total imports. Senegal (X tons) followed a long way behind the leaders.

Imports into Nigeria decreased at an average annual rate of -3.2% from 2012 to 2021. At the same time, Cote d'Ivoire (+5.4%), Senegal (+1.3%) and Ghana (+1.1%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +5.4% from 2012-2021. Cote d'Ivoire (+2.6 p.p.) and Ghana (+1.9 p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by -7.5% from 2012 to 2021, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Nigeria ($X) constitutes the largest market for imported flat-rolled products of iron or steel (not further worked than hot-rolled) in Western Africa, comprising 71% of total imports. The second position in the ranking was held by Ghana ($X), with an 8.9% share of total imports. It was followed by Cote d'Ivoire, with a 6.3% share.

In Nigeria, hot-rolled steel products imports increased at an average annual rate of +3.2% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Ghana (+2.2% per year) and Cote d'Ivoire (+6.9% per year).

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, growing by 12% against the previous year. Over the last nine-year period, it increased at an average annual rate of +5.4%. The pace of growth was the most pronounced in 2013 when the import price increased by 67% against the previous year. As a result, import price reached the peak level of $X per ton. From 2014 to 2021, the import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, major importing countries recorded the following prices: in Cote d'Ivoire ($X per ton) and Ghana ($X per ton), while Nigeria ($X per ton) and Senegal ($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 (+6.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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