Western Africa: Ferro-Alloys Market 2024

Ferro-Alloys Market Size in Western Africa

The West African ferro-alloys market fell markedly to $X in 2023, waning by X% against the previous year. The total consumption indicated a slight expansion from 2012 to 2023: its value 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. Over the period under review, the market reached the maximum level at $X in 2018; however, from 2019 to 2023, consumption failed to regain momentum.

Ferro-Alloys Production in Western Africa

In value terms, ferro-alloys production contracted slightly to $X in 2023 estimated in export price. In general, production enjoyed a resilient expansion. The most prominent rate of growth was recorded in 2014 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-Alloys Exports

Exports in Western Africa

Ferro-alloys exports contracted rapidly to X tons in 2023, declining by X% compared with the previous year. In general, exports, however, posted tangible growth. The most prominent rate of growth was recorded in 2018 with an increase of X%. Over the period under review, the exports hit record highs at X tons in 2019; however, from 2020 to 2023, the exports stood at a somewhat lower figure.

In value terms, ferro-alloys exports fell remarkably to $X in 2023. Overall, exports, however, recorded a prominent expansion. The most prominent rate of growth was recorded in 2022 when exports increased by X% against the previous year. As a result, the exports reached the peak of $X, and then reduced dramatically in the following year.

Exports by Country

Mali was the largest exporting country with an export of around X tons, which reached X% of total exports. It was distantly followed by Nigeria (X tons), achieving an X% share of total exports. Ghana (X tons) and Niger (X tons) followed a long way behind the leaders.

Exports from Mali increased at an average annual rate of X% from 2012 to 2023. At the same time, Ghana (X%) and Niger (X%) displayed positive paces of growth. Moreover, Ghana emerged as the fastest-growing exporter exported in Western Africa, with a CAGR of X% from 2012-2023. By contrast, Nigeria (X%) illustrated a downward trend over the same period. While the share of Mali (X p.p.) and Ghana (X p.p.) increased significantly in terms of the total exports from 2012-2023, the share of Nigeria (X p.p.) displayed negative dynamics. The shares of the other countries remained relatively stable throughout the analyzed period.

In value terms, Mali ($X) remains the largest ferro-alloys supplier in Western Africa, comprising X% of total exports. The second position in the ranking was taken by Nigeria ($X), with an X% share of total exports. It was followed by Ghana, with a X% share.

From 2012 to 2023, the average annual rate of growth in terms of value in Mali totaled X%. The remaining exporting countries recorded the following average annual rates of exports growth: Nigeria (X% per year) and Ghana (X% per year).

Export Prices by Country

In 2023, the export price in Western Africa amounted to $X per ton, falling by X% against the previous year. Overall, the export price, however, enjoyed a perceptible increase. The most prominent rate of growth was recorded in 2022 an increase of X%. As a result, the export price reached the peak level of $X per ton, and then declined notably in the following year.

Average prices varied somewhat amongst the major exporting countries. In 2023, major exporting countries recorded the following prices: in Mali ($X per ton) and Ghana ($X per ton), while Nigeria ($X per ton) and Niger ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Niger (X%), while the other leaders experienced a decline in the export price figures.

Ferro-Alloys Imports

Imports in Western Africa

After five years of growth, overseas purchases of ferro-alloys decreased by X% to X tons in 2023. Over the period under review, imports, however, showed a tangible increase. The growth pace was the most rapid in 2018 when imports increased by X% against the previous year. Over the period under review, imports hit record highs at X tons in 2022, and then shrank in the following year.

In value terms, ferro-alloys imports fell rapidly to $X in 2023. In general, imports, however, posted a noticeable increase. The growth pace was the most rapid in 2021 with an increase of X% against the previous year. The level of import peaked at $X in 2022, and then contracted markedly in the following year.

Imports by Country

Nigeria represented the main importer of ferro-alloys in Western Africa, with the volume of imports amounting to X tons, which was near X% of total imports in 2023. Ghana (X tons) took a X% share (based on physical terms) of total imports, which put it in second place, followed by Senegal (X%). Cote d'Ivoire (X tons), Guinea (X tons), Togo (X tons) and Mauritania (X tons) held a relatively small share of total imports.

Nigeria experienced a relatively flat trend pattern with regard to volume of imports of ferro-alloys. At the same time, Togo (X%), Mauritania (X%), Senegal (X%), Guinea (X%), Ghana (X%) and Cote d'Ivoire (X%) displayed positive paces of growth. Moreover, Togo emerged as the fastest-growing importer imported in Western Africa, with a CAGR of X% from 2012-2023. Ghana (X p.p.), Senegal (X p.p.), Guinea (X p.p.), Togo (X p.p.) and Mauritania (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, Nigeria ($X) constitutes the largest market for imported ferro-alloys in Western Africa, comprising X% of total imports. The second position in the ranking was held by Ghana ($X), with an X% share of total imports. It was followed by Senegal, with a X% share.

In Nigeria, ferro-alloys imports increased at an average annual rate of X% over the period from 2012-2023. The remaining importing countries recorded the following average annual rates of imports growth: Ghana (X% per year) and Senegal (X% per year).

Import Prices by Country

The import price in Western Africa stood at $X per ton in 2023, declining by X% against the previous year. Overall, the import price, however, recorded a relatively flat trend pattern. The most prominent rate of growth was recorded in 2021 when the import price increased by X% against the previous year. The level of import peaked at $X per ton in 2022, and then contracted rapidly in the following year.

There were significant differences in the average prices amongst the major importing countries. In 2023, amid the top importers, the country with the highest price was Guinea ($X per ton), while Togo ($X per ton) was amongst the lowest.

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

Source: IndexBox Platform