Ghana's Hot-Rolled Steel Bars and Rods Market Report 2024 - Prices, Size, Forecast, and Companies

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Nov 01, 2024

Ghana's Hot-Rolled Steel Bars and Rods Market Report 2024 - Prices, Size, Forecast, and Companies

Get instant access to more than 2 million reports, dashboards, and datasets on the IndexBox Platform. The Ghanian market for hot-rolled steel bars and rods rose to $X in 2023, with an increase of X%

Get instant access to more than 2 million reports, dashboards, and datasets on the IndexBox Platform.

The Ghanian market for hot-rolled steel bars and rods rose to $X in 2023, with an increase of X% against the previous year. The market value increased at an average annual rate of X% from 2012 to 2023; however, the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. As a result, consumption reached the peak level of $X. From 2022 to 2023, the growth of the market failed to regain momentum.

In value terms, hot-rolled steel bar and rod production expanded significantly to $X in 2023 estimated in export price. Over the period under review, the total production indicated a noticeable 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 growth pace was the most rapid in 2018 when the production volume increased by X%. Hot-rolled steel bar and rod production peaked at $X in 2021; however, from 2022 to 2023, production stood at a somewhat lower figure.

In 2023, after two years of growth, there was significant decline in shipments abroad of hot-rolled steel bars and rods, when their volume decreased by X% to X tons. Overall, exports, however, showed significant growth. The growth pace was the most rapid in 2014 with an increase of X% against the previous year. Over the period under review, the exports hit record highs at X tons in 2022, and then dropped in the following year.

In value terms, hot-rolled steel bar and rod exports dropped significantly to $X in 2023. In general, exports, however, posted a significant increase. The most prominent rate of growth was recorded in 2014 when exports increased by X%. Over the period under review, the exports hit record highs at $X in 2022, and then dropped remarkably in the following year.

Burkina Faso (X tons) was the main destination for hot-rolled steel bar and rod exports from Ghana, accounting for a X% share of total exports. Moreover, hot-rolled steel bar and rod exports to Burkina Faso exceeded the volume sent to the second major destination, Mali (X tons), threefold. The third position in this ranking was taken by Togo (X tons), with a X% share.

From 2012 to 2023, the average annual growth rate of volume to Burkina Faso stood at X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mali (X% per year) and Togo (X% per year).

In value terms, Burkina Faso ($X) remains the key foreign market for hot-rolled steel bars and rods exports from Ghana, comprising X% of total exports. The second position in the ranking was held by Mali ($X), with a X% share of total exports. It was followed by Togo, with a X% share.

From 2012 to 2023, the average annual growth rate of value to Burkina Faso amounted to X%. Exports to the other major destinations recorded the following average annual rates of exports growth: Mali (X% per year) and Togo (X% per year).

In 2023, the average export price for hot-rolled steel bars and rods amounted to $X per ton, dropping by X% against the previous year. Overall, the export price showed a slight contraction. The pace of growth was the most pronounced in 2018 an increase of X% against the previous year. The export price peaked at $X per ton in 2022, and then declined notably in the following year.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Mali ($X per ton), while the average price for exports to Togo ($X per ton) was amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was recorded for supplies to Guinea (X%), while the prices for the other major destinations experienced more modest paces of growth.

In 2023, the amount of hot-rolled steel bars and rods imported into Ghana contracted notably to X tons, shrinking by X% on the previous year's figure. Overall, imports continue to indicate a mild reduction. The most prominent rate of growth was recorded in 2016 when imports increased by X%. As a result, imports reached the peak of X tons. From 2017 to 2023, the growth of imports remained at a somewhat lower figure.

In value terms, hot-rolled steel bar and rod imports contracted markedly to $X in 2023. Over the period under review, imports continue to indicate a mild reduction. The pace of growth appeared the most rapid in 2014 with an increase of X%. Imports peaked at $X in 2021; however, from 2022 to 2023, imports stood at a somewhat lower figure.

In 2023, China (X tons) constituted the largest hot-rolled steel bar and rod supplier to Ghana, with a X% share of total imports. Moreover, hot-rolled steel bar and rod imports from China exceeded the figures recorded by the second-largest supplier, South Africa (X tons), twofold. Malaysia (X tons) ranked third in terms of total imports with a X% share.

From 2012 to 2023, the average annual growth rate of volume from China amounted to X%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (X% per year) and Malaysia (X% per year).

In value terms, China ($X) constituted the largest supplier of hot-rolled steel bars and rods to Ghana, comprising X% of total imports. The second position in the ranking was held by South Africa ($X), with a X% share of total imports. It was followed by Malaysia, with an X% share.

From 2012 to 2023, the average annual rate of growth in terms of value from China stood at X%. The remaining supplying countries recorded the following average annual rates of imports growth: South Africa (X% per year) and Malaysia (X% per year).

The average import price for hot-rolled steel bars and rods stood at $X per ton in 2023, reducing by X% against the previous year. In general, the import price continues to indicate a relatively flat trend pattern. The pace of growth appeared the most rapid in 2015 an increase of X%. As a result, import price reached the peak level of $X per ton. From 2016 to 2023, the average import prices remained at a somewhat lower figure.

Average prices varied somewhat amongst the major supplying countries. In 2023, amid the top importers, the highest price was recorded for prices from South Africa ($X per ton) and China ($X per ton), while the price for Turkey ($X per ton) and Russia ($X per ton) were amongst the lowest.

From 2012 to 2023, the most notable rate of growth in terms of prices was attained by Malaysia (X%), while the prices for the other major suppliers experienced a decline.

Source: IndexBox Platform

This report provides an in-depth analysis of the market for hot-rolled steel bar and rod in Ghana. Within it, you will discover the latest data on market trends and opportunities by country, consumption, production and price developments, as well as the global trade (imports and exports). The forecast exhibits the market prospects through 2030.

This report is designed for manufacturers, distributors, importers, and wholesalers, as well as for investors, consultants and advisors.

In this report, you can find information that helps you to make informed decisions on the following issues:

While doing this research, we combine the accumulated expertise of our analysts and the capabilities of artificial intelligence. The AI-based platform, developed by our data scientists, constitutes the key working tool for business analysts, empowering them to discover deep insights and ideas from the marketing data.

Making Data-Driven Decisions to Grow Your Business

A Quick Overview of Market Performance

Understanding the Current State of The Market and Its Prospects

Finding New Products to Diversify Your Business

Choosing the Best Countries to Establish Your Sustainable Supply Chain

Choosing the Best Countries to Boost Your Exports

The Latest Trends and Insights into The Industry

The Largest Import Supplying Countries

The Largest Destinations for Exports

The Largest Producers on The Market and Their Profiles

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This report provides an in-depth analysis of the global market for hot-rolled steel bar and rod.