ECOWAS: Market for Raw Steel And Steel Semi-Finished Products 2024

Market Size for Raw Steel And Steel Semi-Finished Products in ECOWAS

The ECOWAS market for raw steel and steel semi-finished products amounted to $X in 2022, rising by X% against the previous year. Overall, consumption enjoyed resilient growth. Over the period under review, the market hit record highs at $X in 2020; however, from 2021 to 2022, consumption stood at a somewhat lower figure.

Production of Raw Steel And Steel Semi-Finished Products in ECOWAS

In value terms, production of raw steel and steel semi-finished products dropped to $X in 2022 estimated in export price. The total production indicated a mild 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, production decreased by X% against 2019 indices. The pace of growth was the most pronounced in 2019 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2020 to 2022, production of growth remained at a somewhat lower figure.

Exports of Raw Steel And Steel Semi-Finished Products

Exports in ECOWAS

In 2022, overseas shipments of raw steel and steel semi-finished products were finally on the rise to reach X tons for the first time since 2018, thus ending a three-year declining trend. Overall, exports, however, saw a deep slump. The most prominent rate of growth was recorded in 2017 when exports increased by X%. Over the period under review, the exports of reached the maximum at X tons in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

In value terms, exports of raw steel and steel semi-finished products skyrocketed to $X in 2022. Over the period under review, exports, however, showed a drastic downturn. The most prominent rate of growth was recorded in 2017 with an increase of X% against the previous year. Over the period under review, the exports of reached the maximum at $X in 2018; however, from 2019 to 2022, the exports remained at a lower figure.

Exports by Country

Senegal was the major exporter of raw steel and steel semi-finished products in ECOWAS, with the volume of exports resulting at X tons, which was approx. X% of total exports in 2022. It was distantly followed by Nigeria (X tons), creating a X% share of total exports. Ghana (X tons) followed a long way behind the leaders.

Senegal was also the fastest-growing in terms of the raw steel and steel semi-finished products exports, with a CAGR of X% from 2012 to 2022. Nigeria (X%) and Ghana (X%) illustrated a downward trend over the same period. From 2012 to 2022, the share of Senegal increased by X percentage points.

In value terms, the largest raw steel and steel semi-finished products supplying countries in ECOWAS were Senegal ($X), Nigeria ($X) and Ghana ($X), with a combined X% share of total exports.

Among the main exporting countries, Senegal, with a CAGR of X%, recorded the highest rates of growth with regard to the value of exports, over the period under review, while shipments for the other leaders experienced a decline in the exports figures.

Export Prices by Country

In 2022, the export price in ECOWAS amounted to $X per ton, waning by X% against the previous year. Overall, the export price recorded a relatively flat trend pattern. The growth pace was the most rapid in 2019 when the export price increased by X% against the previous year. Over the period under review, the export prices reached the peak figure 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 Nigeria ($X per ton), while Ghana ($X per ton) was amongst the lowest.

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

Imports of Raw Steel And Steel Semi-Finished Products

Imports in ECOWAS

In 2022, imports of raw steel and steel semi-finished products in ECOWAS surged to X tons, growing by X% on 2021 figures. Over the period under review, imports posted a significant increase. The most prominent rate of growth was recorded in 2019 with an increase of X%. The volume of import peaked at X tons in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

In value terms, imports of raw steel and steel semi-finished products shrank modestly to $X in 2022. Overall, imports enjoyed a significant increase. The pace of growth appeared the most rapid in 2019 when imports increased by X% against the previous year. Over the period under review, imports of attained the peak figure at $X in 2020; however, from 2021 to 2022, imports stood at a somewhat lower figure.

Imports by Country

Ghana prevails in products structure, recording X tons, which was approx. X% of total imports in 2022. The following importers - Senegal (X tons) and Cote d'Ivoire (X tons) - each resulted at a X% share of total imports.

Imports into Ghana increased at an average annual rate of X% from 2012 to 2022. At the same time, Cote d'Ivoire (X%) and Senegal (X%) displayed positive paces of growth. Moreover, Cote d'Ivoire emerged as the fastest-growing importer imported in ECOWAS, with a CAGR of X% from 2012-2022. While the share of Ghana (X p.p.), Cote d'Ivoire (X p.p.) and Senegal (X p.p.) increased significantly, the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Ghana ($X) constitutes the largest market for imported raw steel and steel semi-finished products in ECOWAS, comprising X% of total imports. The second position in the ranking was taken by Cote d'Ivoire ($X), with a X% share of total imports.

From 2012 to 2022, the average annual rate of growth in terms of value in Ghana totaled X%. The remaining importing countries recorded the following average annual rates of imports growth: Cote d'Ivoire (X% per year) and Senegal (X% per year).

Import Prices by Country

In 2022, the import price in ECOWAS amounted to $X per ton, reducing by X% against the previous year. Over the period under review, the import price showed a deep contraction. The pace of growth appeared the most rapid in 2014 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2012; however, from 2013 to 2022, import prices remained at a lower figure.

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 Cote d'Ivoire ($X per ton), while Ghana ($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 (X%), while the other leaders experienced a decline in the import price figures.

Source: IndexBox Platform

Frequently Asked Questions (FAQ) :