ECOWAS: Iron Angle Market 2024

Iron Angle Market Size in ECOWAS

The ECOWAS iron angle market rose notably to $X in 2022, growing by X% against the previous year. The total consumption indicated perceptible growth from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, consumption decreased by X% against 2020 indices. As a result, consumption reached the peak level of $X. From 2021 to 2022, the growth of the market remained at a lower figure.

Iron Angle Production in ECOWAS

In value terms, iron angle production stood at $X in 2022 estimated in export price. Overall, production saw a relatively flat trend pattern. The most prominent rate of growth was recorded in 2017 when the production volume increased by X%. The level of production peaked at $X in 2020; however, from 2021 to 2022, production stood at a somewhat lower figure.

Iron Angle Exports

Exports in ECOWAS

In 2022, overseas shipments of angles, shapes and sections (of iron or non-alloy steel) decreased by X% to X tons, falling for the fourth year in a row after two years of growth. Total exports indicated a temperate expansion from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports decreased by X% against 2018 indices. The most prominent rate of growth was recorded in 2017 with an increase of X%. The volume of export peaked at X tons in 2018; however, from 2019 to 2022, the exports failed to regain momentum.

In value terms, iron angle exports declined slightly to $X in 2022. Total exports indicated a notable expansion from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, exports increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2017 with an increase of X%. The level of export peaked at $X in 2019; however, from 2020 to 2022, the exports failed to regain momentum.

Exports by Country

Senegal (X tons) and Ghana (X tons) represented the main exporters of angles, shapes and sections (of iron or non-alloy steel) in 2022, accounting for near X% and X% of total exports, respectively. Nigeria (X tons) ranks next in terms of the total exports with a X% share, followed by Togo (X%) and Benin (X%). Niger (X tons) followed a long way behind the leaders.

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

In value terms, Senegal ($X), Ghana ($X) and Nigeria ($X) constituted the countries with the highest levels of exports in 2022, with a combined X% share of total exports.

Nigeria, with a CAGR of X%, saw the highest growth rate of the value of exports, among 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 ECOWAS amounted to $X per ton, surging by X% against the previous year. In general, the export price, however, continues to indicate a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the export price increased by X%. The level of export peaked at $X per ton in 2013; however, from 2014 to 2022, the export prices remained at a lower figure.

There were significant differences in the average prices amongst the major exporting countries. In 2022, amid the top suppliers, the country with the highest price was Niger ($X per ton), while Togo ($X per ton) was amongst the lowest.

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

Iron Angle Imports

Imports in ECOWAS

Iron angle imports totaled X tons in 2022, approximately reflecting 2021 figures. Total imports indicated a notable expansion from 2012 to 2022: its volume increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports decreased by X% against 2020 indices. The most prominent rate of growth was recorded in 2020 with an increase of X%. As a result, imports reached the peak of X tons. From 2021 to 2022, the growth of imports failed to regain momentum.

In value terms, iron angle imports expanded markedly to $X in 2022. Total imports indicated a tangible increase from 2012 to 2022: its value increased at an average annual rate of X% over the last decade. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2022 figures, imports increased by X% against 2016 indices. The growth pace was the most rapid in 2018 when imports increased by X%. Over the period under review, imports reached the peak figure in 2022 and are expected to retain growth in the near future.

Imports by Country

Nigeria was the major importer of angles, shapes and sections (of iron or non-alloy steel) in ECOWAS, with the volume of imports recording X tons, which was approx. X% of total imports in 2022. Ghana (X tons) held the second position in the ranking, followed by Cote d'Ivoire (X tons), Senegal (X tons) and Guinea (X tons). All these countries together took near X% share of total imports. The following importers - Burkina Faso (X tons) and Niger (X tons) - together made up X% of total imports.

From 2012 to 2022, average annual rates of growth with regard to iron angle imports into Nigeria stood at X%. At the same time, Guinea (X%), Niger (X%), Cote d'Ivoire (X%), Ghana (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Guinea emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. By contrast, Burkina Faso (X%) illustrated a downward trend over the same period. While the share of Ghana (X p.p.), Cote d'Ivoire (X p.p.), Guinea (X p.p.) and Niger (X p.p.) increased significantly in terms of the total imports from 2012-2022, the share of Senegal (X p.p.), Burkina Faso (X p.p.) and Nigeria (X p.p.) displayed negative dynamics.

In value terms, Nigeria ($X) constitutes the largest market for imported angles, shapes and sections (of iron or non-alloy steel) in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Ghana ($X), with an X% share of total imports. It was followed by Cote d'Ivoire, with a X% share.

From 2012 to 2022, the average annual growth rate of value in Nigeria was relatively modest. In the other countries, the average annual rates were as follows: Ghana (X% per year) and Cote d'Ivoire (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, surging by X% against the previous year. Over the period under review, the import price showed a relatively flat trend pattern. The pace of growth was the most pronounced in 2021 an increase of X%. Over the period under review, import prices reached the peak figure in 2022 and is expected to retain growth in the near future.

There were significant differences in the average prices amongst the major importing countries. In 2022, amid the top importers, the country with the highest price was Niger ($X per ton), while Senegal ($X per ton) was amongst the lowest.

From 2012 to 2022, the most notable rate of growth in terms of prices was attained by Niger (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform

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