ECOWAS: Market for Iron and Non-Alloy Steel in Ingots 2024

Market Size for Iron and Non-Alloy Steel in Ingots in ECOWAS

In 2023, the ECOWAS market for iron and non-alloy steel in ingots decreased by X% to $X for the first time since 2017, thus ending a five-year rising trend. In general, consumption continues to indicate a significant increase. The level of consumption peaked at $X in 2022, and then contracted slightly in the following year.

Production of Iron and Non-Alloy Steel in Ingots in ECOWAS

In value terms, production of iron and non-alloy steel in ingots rose modestly to $X in 2023 estimated in export price. Over the period under review, production continues to indicate a significant increase. The pace of growth appeared the most rapid in 2020 with an increase of X% against the previous year. As a result, production reached the peak level of $X. From 2021 to 2023, production of growth failed to regain momentum.

Exports of Iron and Non-Alloy Steel in Ingots

Exports in ECOWAS

In 2023, shipments abroad of iron and non-alloy steel in ingots increased by X% to X tons, rising for the fourth consecutive year after seven years of decline. Overall, exports, however, saw a perceptible shrinkage. The growth pace was the most rapid in 2022 with an increase of X% against the previous year. The volume of export peaked at X tons in 2012; however, from 2013 to 2023, the exports failed to regain momentum.

In value terms, exports of iron and non-alloy steel in ingots surged to $X in 2023. Over the period under review, exports saw a resilient increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

In 2023, Senegal (X tons) represented the major exporter of iron and non-alloy steel in ingots, committing X% of total exports. It was distantly followed by Togo (X tons), creating a X% share of total exports.

Senegal was also the fastest-growing in terms of the iron and non-alloy steel in ingots exports, with a CAGR of X% from 2012 to 2023. Togo (X%) illustrated a downward trend over the same period. While the share of Senegal (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Togo (X p.p.) displayed negative dynamics.

In value terms, Senegal ($X) emerged as the largest iron and non-alloy steel in ingot supplier in ECOWAS, comprising X% of total exports. The second position in the ranking was taken by Togo ($X), with a X% share of total exports.

From 2012 to 2023, the average annual growth rate of value in Senegal amounted to X%.

Export Prices by Country

In 2023, the export price in ECOWAS amounted to $X per ton, growing by X% against the previous year. Over the period under review, the export price continues to indicate a strong expansion. As a result, the export price reached the peak level and is likely to continue growth in the immediate term.

There were significant differences in the average prices amongst the major exporting countries. In 2023, amid the top suppliers, the country with the highest price was Senegal ($X per ton), while Togo stood at $X per ton.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Senegal (X%).

Imports of Iron and Non-Alloy Steel in Ingots

Imports in ECOWAS

In 2023, the amount of iron and non-alloy steel in ingots imported in ECOWAS soared to X tons, increasing by X% against 2022. In general, imports, however, showed a deep downturn. The pace of growth was the most pronounced in 2013 with an increase of X%. Over the period under review, imports of attained the peak figure at X tons in 2014; however, from 2015 to 2023, imports stood at a somewhat lower figure.

In value terms, imports of iron and non-alloy steel in ingots totaled $X in 2023. Overall, imports, however, recorded a abrupt decline. The growth pace was the most rapid in 2013 with an increase of X% against the previous year. The level of import peaked at $X in 2014; however, from 2015 to 2023, imports failed to regain momentum.

Imports by Country

In 2023, Benin (X tons) was the main importer of iron and non-alloy steel in ingots, generating X% of total imports. Gambia (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Mali (X%). Nigeria (X tons), Burkina Faso (X tons) and Cabo Verde (X tons) held a minor share of total imports.

Benin was also the fastest-growing in terms of the iron and non-alloy steel in ingots imports, with a CAGR of X% from 2012 to 2023. At the same time, Mali (X%) and Burkina Faso (X%) displayed positive paces of growth. By contrast, Gambia (X%), Nigeria (X%) and Cabo Verde (X%) illustrated a downward trend over the same period. Benin (X p.p.), Mali (X p.p.), Gambia (X p.p.) and Burkina Faso (X p.p.) significantly strengthened its position in terms of the total imports, while Nigeria saw its share reduced by X% from 2012 to 2023, respectively. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Benin ($X) constitutes the largest market for imported iron and non-alloy steel in ingots in ECOWAS, comprising X% of total imports. The second position in the ranking was held by Gambia ($X), with an X% share of total imports. It was followed by Mali, with an X% share.

In Benin, imports of iron and non-alloy steel in ingots increased at an average annual rate of X% over the period from 2012-2023. In the other countries, the average annual rates were as follows: Gambia (X% per year) and Mali (X% per year).

Import Prices by Country

The import price in ECOWAS stood at $X per ton in 2023, with a decrease of X% against the previous year. Overall, the import price showed a slight setback. The most prominent rate of growth was recorded in 2020 when the import price increased by X%. As a result, import price attained the peak level of $X per ton. From 2021 to 2023, the import prices failed to regain momentum.

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

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Gambia (X%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Platform