Western Africa: Pig Iron Market 2022

Pig Iron Market Size in Western Africa

In 2021, the West African pig iron market increased by 1.6% to $X for the first time since 2018, thus ending a two-year declining trend. Over the period under review, consumption saw a mild slump. As a result, consumption attained the peak level of $X. From 2019 to 2021, the growth of the market remained at a somewhat lower figure.

Pig Iron Production in Western Africa

In value terms, pig iron production surged to $X in 2021 estimated in export price. Over the period under review, production enjoyed a prominent expansion. The most prominent rate of growth was recorded in 2019 when the production volume increased by 471% against the previous year. As a result, production attained the peak level of $X. From 2020 to 2021, production growth remained at a somewhat lower figure.

Pig Iron Exports

Exports in Western Africa

In 2021, approx. X tons of pig iron and spiegeleisen were exported in Western Africa; surging by 4,199% on 2020 figures. Overall, exports enjoyed a significant increase. The most prominent rate of growth was recorded in 2019 with an increase of 9,327% against the previous year. As a result, the exports reached the peak of X tons. From 2020 to 2021, the growth of the exports failed to regain momentum.

In value terms, pig iron exports surged to $X in 2021. Over the period under review, exports posted a significant expansion. The pace of growth was the most pronounced in 2019 with an increase of 2,813% against the previous year. As a result, the exports reached the peak of $X. From 2020 to 2021, the growth of the exports remained at a lower figure.

Exports by Country

Mali prevails in exports structure, amounting to X tons, which was near 89% of total exports in 2021. It was distantly followed by Nigeria (X tons) and Senegal (X tons), together committing a 10% share of total exports. Nigeria (X tons) took a relatively small share of total exports.

From 2012 to 2021, average annual rates of growth with regard to pig iron exports from Mali stood at -29.3%. At the same time, Senegal (+564.0%) displayed positive paces of growth. Moreover, Senegal emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of +564.0% from 2012-2021. By contrast, Nigeria (-3.9%) illustrated a downward trend over the same period. While the share of Mali (+89 p.p.) and Senegal (+7.5 p.p.) increased significantly in terms of the total exports from 2012-2021, the share of Nigeria (-97.1 p.p.) displayed negative dynamics.

In value terms, Mali ($X) emerged as the largest pig iron supplier in Western Africa, comprising 75% of total exports. The second position in the ranking was taken by Nigeria ($X), with a 19% share of total exports.

From 2012 to 2021, the average annual rate of growth in terms of value in Mali totaled -29.3%. In the other countries, the average annual rates were as follows: Nigeria (+10.4% per year) and Senegal (+412.1% per year).

Export Prices by Country

In 2021, the export price in Western Africa amounted to $X per ton, falling by -85.4% against the previous year. In general, the export price continues to indicate a abrupt decrease. The pace of growth appeared the most rapid in 2020 when the export price increased by 617% against the previous year. The level of export peaked at $X per ton in 2017; however, from 2018 to 2021, the export prices failed to regain momentum.

There were significant differences in the average prices amongst the major exporting countries. In 2021, the country with the highest price was Nigeria ($X per ton), while Senegal ($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 (+14.8%).

Pig Iron Imports

Imports in Western Africa

In 2021, pig iron imports in Western Africa skyrocketed to X tons, rising by 48% against the previous year. In general, imports, however, recorded a abrupt contraction. The most prominent rate of growth was recorded in 2019 when imports increased by 1,863%. As a result, imports attained the peak of X tons. From 2020 to 2021, the growth of imports failed to regain momentum.

In value terms, pig iron imports fell dramatically to $X in 2021. Overall, imports, however, showed a abrupt downturn. The pace of growth was the most pronounced in 2019 with an increase of 256%. As a result, imports attained the peak of $X. From 2020 to 2021, the growth of imports failed to regain momentum.

Imports by Country

Togo represented the largest importing country with an import of around X tons, which amounted to 45% of total imports. Ghana (X tons) took the second position in the ranking, distantly followed by Niger (X tons), Nigeria (X tons) and Senegal (X tons). All these countries together held approx. 48% share of total imports. Cote d'Ivoire (X tons) took a little share of total imports.

From 2012 to 2021, average annual rates of growth with regard to pig iron imports into Togo stood at -86.9%. At the same time, Ghana (+19.0%) and Senegal (+6.5%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing importer imported in Western Africa, with a CAGR of +19.0% from 2012-2021. By contrast, Niger (-8.7%), Cote d'Ivoire (-22.9%) and Nigeria (-32.5%) illustrated a downward trend over the same period. Togo (+45 p.p.), Ghana (+17 p.p.), Senegal (+14 p.p.) and Niger (+1.7 p.p.) significantly strengthened its position in terms of the total imports, while Cote d'Ivoire and Nigeria saw its share reduced by -8.2% and -62.8% from 2012 to 2021, respectively.

In value terms, the largest pig iron importing markets in Western Africa were Niger ($X), Cote d'Ivoire ($X) and Nigeria ($X), with a combined 56% share of total imports.

In terms of the main importing countries, Niger, with a CAGR of +6.3%, recorded the highest growth rate of the value of imports, over the period under review, while purchases for the other leaders experienced a decline in the imports figures.

Import Prices by Country

In 2021, the import price in Western Africa amounted to $X per ton, which is down by -66.3% against the previous year. Over the period under review, the import price saw a deep contraction. The pace of growth was the most pronounced in 2020 an increase of 603% against the previous year. As a result, import price reached the peak level of $X per ton, and then declined significantly in the following year.

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

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Niger (+16.3%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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