Western Africa: Hot-Rolled Free-Cutting Steel Market 2024

Hot-Rolled Free-Cutting Steel Market Size in Western Africa

In 2021, the West African hot-rolled free-cutting steel market decreased by -11.7% to $X, falling for the second year in a row after three years of growth. Overall, consumption saw a pronounced contraction. As a result, consumption reached the peak level of $X. From 2020 to 2021, the growth of the market remained at a lower figure.

Hot-Rolled Free-Cutting Steel Production in Western Africa

In value terms, hot-rolled free-cutting steel production skyrocketed to $X in 2021 estimated in export price. In general, production, however, continues to indicate a significant decline. Over the period under review, production reached the maximum level at $X in 2012; however, from 2013 to 2021, production remained at a lower figure.

Hot-Rolled Free-Cutting Steel Exports

Exports in Western Africa

In 2021, shipments abroad of hot-rolled bars in free-cutting steels increased by 538% to X tons, rising for the second year in a row after two years of decline. Overall, exports, however, recorded a abrupt decline. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

In value terms, hot-rolled free-cutting steel exports surged to $X in 2021. Over the period under review, exports, however, saw a deep downturn. The level of export peaked at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Mauritania represented the major exporting country with an export of about X tons, which amounted to 85% of total exports. It was distantly followed by Ghana (X tons), creating a 13% share of total exports.

Mauritania experienced a relatively flat trend pattern with regard to volume of exports of hot-rolled bars in free-cutting steels. Ghana (-29.6%) illustrated a downward trend over the same period. While the share of Mauritania (+85 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Ghana (-86.4 p.p.) displayed negative dynamics.

In value terms, the largest hot-rolled free-cutting steel supplying countries in Western Africa were Mauritania ($X) and Ghana ($X).

Mauritania, with a CAGR of 0.0%, recorded the highest rates of growth with regard to the value of exports, in terms of the main exporting countries over the period under review.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2021, dropping by -59.8% against the previous year. Over the period under review, the export price, however, recorded a buoyant expansion. The pace of growth appeared the most rapid in 2016 when the export price increased by 70% against the previous year. Over the period under review, the export prices attained the peak figure at $X per ton in 2020, and then declined notably in the following year.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Ghana ($X per ton), while Mauritania totaled $X per ton.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Ghana (+21.6%).

Hot-Rolled Free-Cutting Steel Imports

Imports in Western Africa

In 2021, the amount of hot-rolled bars in free-cutting steels imported in Western Africa declined to X tons, waning by -13% on the previous year. Total imports indicated moderate growth from 2012 to 2021: its volume increased at an average annual rate of +4.7% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -37.9% against 2019 indices. The most prominent rate of growth was recorded in 2017 with an increase of 72%. Over the period under review, imports reached the maximum at X tons in 2019; however, from 2020 to 2021, imports stood at a somewhat lower figure.

In value terms, hot-rolled free-cutting steel imports reduced to $X in 2021. Total imports indicated measured growth from 2012 to 2021: its value increased at an average annual rate of +3.9% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports decreased by -36.9% against 2019 indices. The pace of growth appeared the most rapid in 2019 with an increase of 59%. As a result, imports reached the peak of $X. From 2020 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Ghana (X tons) and Mali (X tons) represented roughly 53% of total imports in 2021. It was distantly followed by Burkina Faso (X tons), Mauritania (X tons) and Senegal (X tons), together generating a 31% share of total imports. The following importers - Liberia (X tons) and Cabo Verde (X tons) - each finished at a 7.5% share of total imports.

From 2012 to 2021, the biggest increases were recorded for Mali (with a CAGR of +51.1%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Mali ($X) constitutes the largest market for imported hot-rolled bars in free-cutting steels in Western Africa, comprising 36% of total imports. The second position in the ranking was held by Ghana ($X), with a 15% share of total imports. It was followed by Senegal, with a 12% share.

In Mali, hot-rolled free-cutting steel imports expanded at an average annual rate of +50.7% over the period from 2012-2021. In the other countries, the average annual rates were as follows: Ghana (+17.5% per year) and Senegal (+45.7% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, with an increase of 2.6% against the previous year. Overall, the import price, however, continues to indicate a relatively flat trend pattern. The pace of growth was the most pronounced in 2018 an increase of 34%. Over the period under review, import prices attained the peak figure at $X per ton in 2012; however, from 2013 to 2021, import prices failed to regain momentum.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Liberia (+2.6%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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