Western Africa: Market for Hot-Rolled Non-Alloy Steel Wire Rods 2024

Market Size for Hot-Rolled Non-Alloy Steel Wire Rods in Western Africa

The West African market for hot-rolled non-alloy steel wire rods shrank remarkably to $X in 2021, waning by -19.1% against the previous year. In general, consumption, however, enjoyed a strong increase. As a result, consumption reached the peak level of $X, and then reduced dramatically in the following year.

Production of Hot-Rolled Non-Alloy Steel Wire Rods in Western Africa

In value terms, hot-rolled non-alloy steel wire rod production dropped notably to $X in 2021 estimated in export price. Over the period under review, production, however, saw a resilient expansion. The most prominent rate of growth was recorded in 2020 when the production volume increased by 104% against the previous year. As a result, production reached the peak level of $X, and then shrank significantly in the following year.

Exports of Hot-Rolled Non-Alloy Steel Wire Rods

Exports in Western Africa

Hot-rolled non-alloy steel wire rod exports surged to X tons in 2021, picking up by 20% against the year before. Over the period under review, exports, however, recorded a perceptible descent. The most prominent rate of growth was recorded in 2018 with an increase of 47% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2021, the exports stood at a somewhat lower figure.

In value terms, hot-rolled non-alloy steel wire rod exports skyrocketed to $X in 2021. In general, exports, however, continue to indicate a pronounced decline. The growth pace was the most rapid in 2018 with an increase of 64% against the previous year. Over the period under review, the exports reached the peak figure at $X in 2012; however, from 2013 to 2021, the exports remained at a lower figure.

Exports by Country

Senegal represented the major exporting country with an export of around X tons, which recorded 64% of total exports. Benin (X tons) ranks second in terms of the total exports with a 19% share, followed by Ghana (8.1%). Nigeria (X tons), Burkina Faso (X tons) and Togo (X tons) held a minor share of total exports.

Senegal experienced a relatively flat trend pattern with regard to volume of exports of hot-rolled non-alloy steel wire rods. At the same time, Nigeria (+22.2%), Burkina Faso (+21.1%), Togo (+20.3%) and Ghana (+9.0%) displayed positive paces of growth. Moreover, Nigeria emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +22.2% from 2012-2021. By contrast, Benin (-11.4%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Senegal, Ghana, Nigeria, Burkina Faso and Togo increased by +18, +5.3, +3.3, +1.8 and +1.6 percentage points, respectively.

In value terms, Senegal ($X) remains the largest hot-rolled non-alloy steel wire rod supplier in Western Africa, comprising 63% of total exports. The second position in the ranking was taken by Benin ($X), with a 21% share of total exports. It was followed by Ghana, with a 7.6% share.

In Senegal, hot-rolled non-alloy steel wire rod exports remained relatively stable over the period from 2012-2021. In the other countries, the average annual rates were as follows: Benin (-12.4% per year) and Ghana (+7.8% per year).

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, rising by 22% against the previous year. Overall, the export price, however, showed a slight curtailment. Over the period under review, the export prices reached the maximum at $X per ton in 2012; however, from 2013 to 2021, the export prices remained at a 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 Nigeria (+4.4%), while the other leaders experienced a decline in the export price figures.

Imports of Hot-Rolled Non-Alloy Steel Wire Rods

Imports in Western Africa

Hot-rolled non-alloy steel wire rod imports rose modestly to X tons in 2021, surging by 2.8% against the previous year's figure. The total import volume increased at an average annual rate of +1.5% from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded in certain years. The pace of growth was the most pronounced in 2019 when imports increased by 20%. The volume of import peaked in 2021 and is expected to retain growth in the near future.

In value terms, hot-rolled non-alloy steel wire rod imports surged to $X in 2021. Total imports indicated a slight expansion from 2012 to 2021: its value increased at an average annual rate of +1.1% over the last nine years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2021 figures, imports increased by +98.6% against 2016 indices. As a result, imports attained the peak and are likely to continue growth in the immediate term.

Imports by Country

The countries with the highest levels of hot-rolled non-alloy steel wire rod imports in 2021 were Senegal (X tons), Ghana (X tons), Cote d'Ivoire (X tons) and Burkina Faso (X tons), together amounting to 74% of total import. It was distantly followed by Togo (X tons), Benin (X tons) and Mali (X tons), together committing a 20% share of total imports.

From 2012 to 2021, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Togo (with a CAGR of +8.9%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled non-alloy steel wire rod importing markets in Western Africa were Senegal ($X), Ghana ($X) and Cote d'Ivoire ($X), with a combined 60% share of total imports. These countries were followed by Burkina Faso, Togo, Benin and Mali, which together accounted for a further 34%.

Togo, with a CAGR of +10.0%, recorded the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, rising by 32% against the previous year. Overall, the import price, however, saw a relatively flat trend pattern. Over the period under review, import prices attained the maximum at $X per ton in 2012; however, from 2013 to 2021, import prices stood at a somewhat lower figure.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Togo (+1.0%), while the other leaders experienced mixed trends in the import price figures.

Source: IndexBox Platform