Western Africa: Ferro-Silicon Market 2024

Ferro-Silicon Market Size in Western Africa

In 2023, after three years of growth, there was significant decline in the West African ferro-silicon market, when its value decreased by X% to $X. In general, consumption, however, recorded a relatively flat trend pattern. As a result, consumption reached the peak level of $X. From 2019 to 2023, the growth of the market remained at a somewhat lower figure.

Ferro-Silicon Production in Western Africa

In value terms, ferro-silicon production amounted to $X in 2023 estimated in export price. The total production indicated a temperate expansion from 2012 to 2023: its value increased at an average annual rate of X% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, production decreased by X% against 2021 indices. The pace of growth was the most pronounced in 2013 when the production volume increased by X%. The level of production peaked at $X in 2018; however, from 2019 to 2023, production remained at a lower figure.

Ferro-Silicon Exports

Exports in Western Africa

In 2023, the amount of ferro-silicon exported in Western Africa expanded significantly to X tons, surging by X% against the year before. Over the period under review, exports, however, continue to indicate a deep contraction. The most prominent rate of growth was recorded in 2018 with an increase of X%. As a result, the exports reached the peak of X tons. From 2019 to 2023, the growth of the exports remained at a somewhat lower figure.

In value terms, ferro-silicon exports shrank notably to $X in 2023. Overall, exports, however, continue to indicate a sharp downturn. The pace of growth appeared the most rapid in 2022 when exports increased by X% against the previous year. As a result, the exports attained the peak of $X, and then dropped notably in the following year.

Exports by Country

The biggest shipments were from Niger (X tons), together accounting for X% of total export.

Niger was also the fastest-growing in terms of the ferro-silicon exports, with a CAGR of X% from 2012 to 2023. From 2012 to 2023, the share of Niger increased by X percentage points, while the shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Niger ($X) also remains the largest ferro-silicon supplier in Western Africa.

In Niger, ferro-silicon exports increased at an average annual rate of X% over the period from 2012-2023.

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2023, falling by X% against the previous year. In general, the export price showed a abrupt descent. The most prominent rate of growth was recorded in 2022 when the export price increased by X%. As a result, the export price attained the peak level of $X per ton, and then shrank remarkably in the following year.

As there is only one major export destination, the average price level is determined by prices for Niger.

From 2012 to 2023, the rate of growth in terms of prices for Niger amounted to X% per year.

Ferro-Silicon Imports

Imports in Western Africa

In 2023, the amount of ferro-silicon imported in Western Africa shrank markedly to X tons, reducing by X% on 2022 figures. Over the period under review, imports continue to indicate a perceptible downturn. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. As a result, imports attained the peak of X tons. From 2019 to 2023, the growth of imports remained at a lower figure.

In value terms, ferro-silicon imports fell significantly to $X in 2023. In general, imports, however, showed a relatively flat trend pattern. The most prominent rate of growth was recorded in 2018 when imports increased by X%. As a result, imports reached the peak of $X. From 2019 to 2023, the growth of imports remained at a lower figure.

Imports by Country

Nigeria represented the major importer of ferro-silicon in Western Africa, with the volume of imports accounting for X tons, which was near X% of total imports in 2023. Ghana (X tons) ranks second in terms of the total imports with a X% share, followed by Guinea (X%), Senegal (X%) and Sierra Leone (X%).

From 2012 to 2023, the most notable rate of growth in terms of purchases, amongst the key importing countries, was attained by Senegal (with a CAGR of X%), while imports for the other leaders experienced mixed trends in the imports figures.

In value terms, the largest ferro-silicon importing markets in Western Africa were Nigeria ($X), Ghana ($X) and Guinea ($X), with a combined X% share of total imports. Senegal and Sierra Leone lagged somewhat behind, together comprising a further X%.

Senegal, with a CAGR of X%, saw the highest growth rate of the value of imports, in terms of the main importing countries over the period under review, while purchases for the other leaders experienced more modest paces of growth.

Import Prices by Country

In 2023, the import price in Western Africa amounted to $X per ton, declining by X% against the previous year. Import price indicated moderate growth from 2012 to 2023: its price increased at an average annual rate of X% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2023 figures, ferro-silicon import price increased by X% against 2020 indices. The most prominent rate of growth was recorded in 2021 when the import price increased by X% against the previous year. Over the period under review, import prices attained the peak figure at $X per ton in 2022, and then shrank in the following year.

Average prices varied somewhat amongst the major importing countries. In 2023, major importing countries recorded the following prices: in Nigeria ($X per ton) and Guinea ($X per ton), while Sierra Leone ($X per ton) and Senegal ($X per ton) were amongst the lowest.

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

Source: IndexBox Platform