Report Update Nov 1, 2024

Western Africa - Iron Ores and Concentrates - Market Analysis, Forecast, Size, Trends and Insights

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Western Africa: Iron Ore Market 2024

Iron Ore Market Size in Western Africa

After five years of growth, the West African iron ore market decreased by -37.6% to $X in 2021. Overall, consumption continues to indicate a slight reduction. The level of consumption peaked at $X in 2014; however, from 2015 to 2021, consumption remained at a lower figure.

Iron Ore Production in Western Africa

In value terms, iron ore production reduced to $X in 2021 estimated in export price. In general, production continues to indicate a slight reduction. The most prominent rate of growth was recorded in 2013 when the production volume increased by 27% against the previous year. Over the period under review, production attained the peak level at $X in 2014; however, from 2015 to 2021, production failed to regain momentum.

Iron Ore Exports

Exports in Western Africa

In 2021, shipments abroad of iron ores and concentrates increased by 13% to X tons, rising for the third year in a row after four years of decline. The total export volume increased at an average annual rate of +2.6% over the period from 2012 to 2021; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. The most prominent rate of growth was recorded in 2013 when exports increased by 17%. The volume of export peaked in 2021 and is likely to see gradual growth in the near future.

In value terms, iron ore exports surged to $X in 2021. Overall, exports recorded a measured expansion. As a result, the exports attained the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2021, Mauritania (X tons) represented the major exporter of iron ores and concentrates, mixing up 59% of total exports. Liberia (X tons) held the second position in the ranking, distantly followed by Sierra Leone (X tons). All these countries together held near 39% share of total exports.

From 2012 to 2021, the biggest increases were recorded for Liberia (with a CAGR of +14.3%), while shipments for the other leaders experienced mixed trends in the exports figures.

In value terms, Mauritania ($X) remains the largest iron ore supplier in Western Africa, comprising 63% of total exports. The second position in the ranking was held by Liberia ($X), with a 29% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Mauritania totaled +3.2%. The remaining exporting countries recorded the following average annual rates of exports growth: Liberia (+15.4% per year) and Sierra Leone (-8.8% per year).

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, jumping by 39% against the previous year. Overall, the export price saw mild growth. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Average prices varied somewhat amongst the major exporting countries. In 2021, amid the top suppliers, the country with the highest price was Mauritania ($X per ton), while Sierra Leone ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Mauritania (+1.3%), while the other leaders experienced mixed trends in the export price figures.

Iron Ore Imports

Imports in Western Africa

In 2021, approx. X tons of iron ores and concentrates were imported in Western Africa; jumping by 69% compared with 2020. Overall, imports showed a notable expansion. The pace of growth appeared the most rapid in 2019 with an increase of 2,778%. As a result, imports reached the peak of X tons. From 2020 to 2021, the growth of imports failed to regain momentum.

In value terms, iron ore imports surged to $X in 2021. Over the period under review, imports saw a strong increase. The most prominent rate of growth was recorded in 2019 when imports increased by 571% against the previous year. As a result, imports attained the peak of $X. From 2020 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Mauritania dominates imports structure, amounting to X tons, which was near 91% of total imports in 2021. It was distantly followed by Nigeria (X tons), comprising a 6.4% share of total imports.

Mauritania was also the fastest-growing in terms of the iron ores and concentrates imports, with a CAGR of +106.0% from 2012 to 2021. Nigeria (-6.9%) illustrated a downward trend over the same period. From 2012 to 2021, the share of Mauritania increased by +90 percentage points.

In value terms, Mauritania ($X) constitutes the largest market for imported iron ores and concentrates in Western Africa, comprising 89% of total imports. The second position in the ranking was taken by Nigeria ($X), with a 9.2% share of total imports.

From 2012 to 2021, the average annual growth rate of value in Mauritania totaled +84.5%.

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2021, rising by 9.6% against the previous year. Over the period under review, the import price posted a buoyant expansion. The most prominent rate of growth was recorded in 2020 an increase of 279%. Over the period under review, import prices attained the peak figure at $X per ton in 2018; however, from 2019 to 2021, import prices remained at a lower figure.

Average prices varied somewhat amongst the major importing countries. In 2021, amid the top importers, the country with the highest price was Nigeria ($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 Nigeria (+9.9%).

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :

What are the largest markets for iron ores and concentrates in Western Africa?

The countries with the highest volumes of iron ore consumption in 2020 were Liberia and Sierra Leone.

What are the largest producers of iron ores and concentrates in Western Africa?

The countries with the highest volumes of iron ore production in 2020 were Mauritania, Liberia and Sierra Leone, together accounting for 98% of total production.

What are the leading suppliers of iron ores and concentrates in Western Africa?

In value terms, Mauritania remains the largest iron ore supplier in Western Africa, comprising 92% of total exports. The second position in the ranking was occupied by Guinea, with a 1.3% share of total exports.

What are the leading importers of iron ores and concentrates in Western Africa?

In value terms, Burkina Faso constitutes the largest market for imported iron ores and concentrates in Western Africa, comprising 60% of total imports. The second position in the ranking was occupied by Ghana, with a 28% share of total imports.

What is the average export price for iron ores and concentrates in Western Africa?

The iron ore export price in Western Africa stood at $101 per ton in 2020, with an increase of 10% against the previous year.

What is the average import price for iron ores and concentrates in Western Africa?

The iron ore import price in Western Africa stood at $128 per ton in 2020, increasing by 6.8% against the previous year.

This report provides an in-depth analysis of the iron ore market in Western Africa. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

Product coverage:

Prodcom 07101000 - Iron ores and concentrates (excluding roasted iron pyrites)
Prodcom 07101010 -
Prodcom 07101020 -

Country coverage:

Benin
Burkina Faso
Cabo Verde
Gambia
Ghana
Guinea
Guinea-Bissau
Liberia
Mali
Mauritania
Niger
Nigeria
Saint Helena, Ascension and Tristan da Cunha
Senegal
Sierra Leone
Togo
Cote d'Ivoire

Data coverage:

Market volume and value
Per Capita consumption
Forecast of the market dynamics in the medium term
Production in Western Africa, split by region and country
Trade (exports and imports) in Western Africa
Export and import prices
Market trends, drivers and restraints
Key market players and their profiles

Reasons to buy this report:

Take advantage of the latest data
Find deeper insights into current market developments
Discover vital success factors affecting the market

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

How to diversify your business and benefit from new market opportunities
How to load your idle production capacity
How to boost your sales on overseas markets
How to increase your profit margins
How to make your supply chain more sustainable
How to reduce your production and supply chain costs
How to outsource production to other countries
How to prepare your business for global expansion

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

1. INTRODUCTION

Making Data-Driven Decisions to Grow Your Business
1. REPORT DESCRIPTION
2. RESEARCH METHODOLOGY AND AI PLATFORM
3. DATA-DRIVEN DECISIONS FOR YOUR BUSINESS
4. GLOSSARY AND SPECIFIC TERMS
2. EXECUTIVE SUMMARY

A Quick Overview of Market Performance
1. KEY FINDINGS
2. MARKET TRENDS This Chapter is Available Only for the Professional Edition PRO
3. MARKET OVERVIEW

Understanding the Current State of The Market and Its Prospects
1. MARKET SIZE
2. CONSUMPTION BY COUNTRY
3. MARKET FORECAST TO 2030
4. MOST PROMISING PRODUCT

Finding New Products to Diversify Your Business
This Chapter is Available Only for the Professional Edition PRO
1. TOP PRODUCTS TO DIVERSIFY YOUR BUSINESS
2. BEST-SELLING PRODUCTS
3. MOST CONSUMED PRODUCT
4. MOST TRADED PRODUCT
5. MOST PROFITABLE PRODUCT FOR EXPORT
5. MOST PROMISING SUPPLYING COUNTRIES

Choosing the Best Countries to Establish Your Sustainable Supply Chain
This Chapter is Available Only for the Professional Edition PRO
1. TOP COUNTRIES TO SOURCE YOUR PRODUCT
2. TOP PRODUCING COUNTRIES
3. TOP EXPORTING COUNTRIES
4. LOW-COST EXPORTING COUNTRIES
6. MOST PROMISING OVERSEAS MARKETS

Choosing the Best Countries to Boost Your Exports
This Chapter is Available Only for the Professional Edition PRO
1. TOP OVERSEAS MARKETS FOR EXPORTING YOUR PRODUCT
2. TOP CONSUMING MARKETS
3. UNSATURATED MARKETS
4. TOP IMPORTING MARKETS
5. MOST PROFITABLE MARKETS
7. PRODUCTION

The Latest Trends and Insights into The Industry
1. PRODUCTION VOLUME AND VALUE
2. PRODUCTION BY COUNTRY
8. IMPORTS
The Largest Importers on The Market and How They Succeed
1. IMPORTS FROM 2012–2023
2. IMPORTS BY COUNTRY
3. IMPORT PRICES BY COUNTRY
9. EXPORTS
The Largest Exporters on The Market and How They Succeed
1. EXPORTS FROM 2012–2023
2. EXPORTS BY COUNTRY
3. EXPORT PRICES BY COUNTRY
10. PROFILES OF MAJOR PRODUCERS

The Largest Producers on The Market and Their Profiles
This Chapter is Available Only for the Professional Edition PRO
11. COUNTRY PROFILES

The Largest Markets And Their Profiles
This Chapter is Available Only for the Professional Edition PRO
- Benin
- Burkina Faso
- Cabo Verde
- Gambia
- Ghana
- Guinea
- Guinea-Bissau
- Liberia
- Mali
- Mauritania
- Niger
- Nigeria
- Saint Helena, Ascension and Tristan da Cunha
- Senegal
- Sierra Leone
- Togo
- Cote d'Ivoire
LIST OF TABLES
1. Key Findings In 2023
2. Market Volume, In Physical Terms, 2012–2023
3. Market Value, 2012–2023
4. Per Capita Consumption, By Country, 2018–2023
5. Production, In Physical Terms, By Country, 2012–2023
6. Imports, In Physical Terms, By Country, 2012–2023
7. Imports, In Value Terms, By Country, 2012–2023
8. Import Prices, By Country Of Destination, 2012–2023
9. Exports, In Physical Terms, By Country, 2012–2023
10. Exports, In Value Terms, By Country, 2012–2023
11. Export Prices, By Country Of Origin, 2012–2023
LIST OF FIGURES
1. Market Volume, In Physical Terms, 2012–2023
2. Market Value, 2012–2023
3. Consumption, By Country, 2023
4. Market Volume Forecast to 2030
5. Market Value Forecast to 2030
6. Products: Market Size And Growth, By Type
7. Products: Average Per Capita Consumption, By Type
8. Products: Exports And Growth, By Type
9. Products: Export Prices And Growth, By Type
10. Production Volume And Growth
11. Exports And Growth
12. Export Prices And Growth
13. Market Size And Growth
14. Per Capita Consumption
15. Imports And Growth
16. Import Prices
17. Production, In Physical Terms, 2012–2023
18. Production, In Value Terms, 2012–2023
19. Production, By Country, 2023
20. Production, In Physical Terms, By Country, 2012–2023
21. Imports, In Physical Terms, 2012–2023
22. Imports, In Value Terms, 2012–2023
23. Imports, In Physical Terms, By Country, 2023
24. Imports, In Physical Terms, By Country, 2012–2023
25. Imports, In Value Terms, By Country, 2012–2023
26. Import Prices, By Country, 2012–2023
27. Exports, In Physical Terms, 2012–2023
28. Exports, In Value Terms, 2012–2023
29. Exports, In Physical Terms, By Country, 2023
30. Exports, In Physical Terms, By Country, 2012–2023
31. Exports, In Value Terms, By Country, 2012–2023
32. Export Prices, 2012–2023