Western Africa: Steel Plaited Band Market 2025

Steel Plaited Band Market Size in Western Africa

In 2022, the West African steel plaited band market was finally on the rise to reach $X for the first time since 2017, thus ending a four-year declining trend. The total consumption indicated a strong increase from 2012 to 2022: its value increased at an average annual rate of +9.6% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level and is likely to continue growth in the immediate term.

Steel Plaited Band Production in Western Africa

In value terms, steel plaited band production amounted to $X in 2022 estimated in export price. The total production indicated tangible growth from 2012 to 2022: its value increased at an average annual rate of +4.4% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, production decreased by -2.5% against 2020 indices. The pace of growth was the most pronounced in 2015 with an increase of 54% against the previous year. The level of production peaked at $X in 2020; however, from 2021 to 2022, production failed to regain momentum.

Steel Plaited Band Exports

Exports in Western Africa

In 2022, overseas shipments of iron or steel plaited bands and slings decreased by -38.4% to X tons, falling for the second consecutive year after three years of growth. Over the period under review, exports continue to indicate a pronounced contraction. The most prominent rate of growth was recorded in 2019 with an increase of 140% against the previous year. The volume of export peaked at X tons in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

In value terms, steel plaited band exports shrank remarkably to $X in 2022. In general, exports saw a deep reduction. The most prominent rate of growth was recorded in 2019 when exports increased by 95%. The level of export peaked at $X in 2014; however, from 2015 to 2022, the exports failed to regain momentum.

Exports by Country

The shipments of the six major exporters of iron or steel plaited bands and slings, namely Nigeria, Guinea, Sierra Leone, Togo, Ghana and Burkina Faso, represented more than two-thirds of total export. Cote d'Ivoire (X tons) held a 6.4% share (based on physical terms) of total exports, which put it in second place, followed by Senegal (6%).

From 2012 to 2022, the biggest increases were recorded for Burkina Faso (with a CAGR of +74.9%), while shipments for the other leaders experienced more modest paces of growth.

In value terms, the largest steel plaited band supplying countries in Western Africa were Sierra Leone ($X), Nigeria ($X) and Ghana ($X), with a combined 52% share of total exports. Burkina Faso, Senegal, Guinea, Cote d'Ivoire and Togo lagged somewhat behind, together comprising a further 42%.

Burkina Faso, with a CAGR of +55.7%, recorded the highest growth rate of the value of exports, in terms of the main exporting countries over the period under review, while shipments for the other leaders experienced more modest paces of growth.

Export Prices by Country

In 2022, the export price in Western Africa amounted to $X per ton, increasing by 16% against the previous year. Overall, the export price, however, showed a abrupt decline. The pace of growth was the most pronounced in 2016 when the export price increased by 96%. As a result, the export price attained the peak level of $X per ton. From 2017 to 2022, the export prices remained at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Togo ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Senegal (+9.3%), while the other leaders experienced mixed trends in the export price figures.

Steel Plaited Band Imports

Imports in Western Africa

In 2022, after four years of decline, there was significant growth in overseas purchases of iron or steel plaited bands and slings, when their volume increased by 211% to X tons. Over the period under review, imports saw buoyant growth. As a result, imports reached the peak and are likely to continue growth in the immediate term.

In value terms, steel plaited band imports soared to $X in 2022. In general, imports saw noticeable growth. The pace of growth was the most pronounced in 2013 when imports increased by 81% against the previous year. The level of import peaked at $X in 2015; however, from 2016 to 2022, imports stood at a somewhat lower figure.

Imports by Country

In 2022, Benin (X tons) represented the major importer of iron or steel plaited bands and slings, mixing up 49% of total imports. Nigeria (X tons) took the second position in the ranking, distantly followed by Senegal (X tons). All these countries together held approx. 38% share of total imports. The following importers - Ghana (X tons), Cote d'Ivoire (X tons), Guinea (X tons) and Niger (X tons) - together made up 9.8% of total imports.

From 2012 to 2022, the biggest increases were recorded for Benin (with a CAGR of +67.4%), while purchases for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($X) constitutes the largest market for imported iron or steel plaited bands and slings in Western Africa, comprising 45% of total imports. The second position in the ranking was held by Benin ($X), with a 14% share of total imports. It was followed by Senegal, with an 11% share.

In Nigeria, steel plaited band imports increased at an average annual rate of +5.6% over the period from 2012-2022. In the other countries, the average annual rates were as follows: Benin (+28.9% per year) and Senegal (+6.0% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2022, waning by -54.9% against the previous year. In general, the import price recorded a abrupt decrease. The growth pace was the most rapid in 2014 when the import price increased by 40%. Over the period under review, import prices hit record highs at $X per ton in 2015; however, from 2016 to 2022, import prices stood at a somewhat lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Cote d'Ivoire ($X per ton), while Benin ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Ghana (-0.3%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

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