Western Africa: Ferro-Alloys Market 2024

Ferro-Alloys Market Size in Western Africa

In 2023, the West African ferro-alloys market was finally on the rise to reach $X for the first time since 2020, thus ending a two-year declining trend. In general, consumption, however, enjoyed a strong expansion. The level of consumption peaked at $X in 2018; however, from 2019 to 2023, consumption stood at a somewhat lower figure.

Ferro-Alloys Production in Western Africa

In value terms, ferro-alloys production reduced slightly to $X in 2023 estimated in export price. In general, production posted a resilient expansion. The most prominent rate of growth was recorded in 2020 when the production volume increased by X%. As a result, production reached the peak level of $X. From 2021 to 2023, production growth remained at a somewhat lower figure.

Ferro-Alloys Exports

Exports in Western Africa

In 2023, approx. X tons of ferro-alloys were exported in Western Africa; waning by X% on 2022 figures. Overall, exports, however, showed a measured increase. The most prominent rate of growth was recorded in 2018 when exports increased by X% against the previous year. Over the period under review, the exports attained the peak figure at X tons in 2019; however, from 2020 to 2023, the exports stood at a somewhat lower figure.

In value terms, ferro-alloys exports declined notably to $X in 2023. In general, exports, however, saw a remarkable increase. The pace of growth was the most pronounced in 2022 with an increase of X% against the previous year. As a result, the exports attained the peak of $X, and then fell remarkably in the following year.

Exports by Country

Mali was the main exporter of ferro-alloys in Western Africa, with the volume of exports amounting to X tons, which was approx. X% of total exports in 2023. It was distantly followed by Nigeria (X tons), creating an X% share of total exports. Ghana (X tons) and Niger (X tons) held a little share of total exports.

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. From 2012 to 2023, the share of Mali and Ghana increased by X and X percentage points, respectively. 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 growth rate of value in Mali stood at X%. In the other countries, the average annual rates were as follows: Nigeria (X% per year) and Ghana (X% per year).

Export Prices by Country

The export price in Western Africa stood at $X per ton in 2023, reducing by X% against the previous year. Overall, the export price, however, recorded moderate growth. The most prominent rate of growth was recorded in 2022 when the export price increased by X% against the previous year. As a result, the export price reached the peak level of $X per ton, and then fell sharply 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

In 2023, after five years of growth, there was significant decline in overseas purchases of ferro-alloys, when their volume decreased by X% to X tons. Over the period under review, imports, however, posted a tangible expansion. The pace of growth was the most pronounced in 2018 with an increase of X% against the previous year. The volume of import peaked at X tons in 2022, and then shrank in the following year.

In value terms, ferro-alloys imports fell notably to $X in 2023. Overall, imports, however, showed a strong expansion. The growth pace was the most rapid in 2021 with an increase of X%. The level of import peaked at $X in 2022, and then fell significantly in the following year.

Imports by Country

Nigeria was the key importing country with an import of around X tons, which accounted for X% of total imports. Ghana (X tons) took an X% share (based on physical terms) of total imports, which put it in second place, followed by Senegal (X%) and Gambia (X%). The following importers - Cote d'Ivoire (X tons), Guinea (X tons) and Togo (X tons) - each finished at a X% share of total imports.

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

From 2012 to 2023, the average annual rate of growth in terms of value in Nigeria stood at X%. 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

In 2023, the import price in Western Africa amounted to $X per ton, with a decrease of X% against the previous year. Overall, the import price, however, saw 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. Over the period under review, import prices attained the peak figure at $X per ton in 2022, and then shrank remarkably in the following year.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Guinea ($X per ton), while Gambia ($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