Blog

Mar 06, 2025

Africa's Hot-Rolled Steel Bars and Rods Market to Grow at 1.5% CAGR, Reaching $36.5B by 2035 - News and Statistics - IndexBox

Get instant access to more than 2 million reports, dashboards, and datasets on the IndexBox Platform. IndexBox has just published a new report: Africa - Hot-Rolled Steel Bars and Rods - Market

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

IndexBox has just published a new report: Africa - Hot-Rolled Steel Bars and Rods - Market Analysis, Forecast, Size, Trends and Insights.

The African hot-rolled steel bars and rods market is poised for significant growth, driven by rising demand. Forecasts predict a steady increase in both volume and value over the next decade, with a projected CAGR of +1.5% in volume and +2.5% in value from 2024 to 2035. Stay informed about the latest developments in this thriving market segment.

Driven by increasing demand for hot-rolled steel bars and rods in Africa, the market is expected to continue an upward consumption trend over the next decade. Market performance is forecast to retain its current trend pattern, expanding with an anticipated CAGR of +1.5% for the period from 2024 to 2035, which is projected to bring the market volume to 40M tons by the end of 2035.

In value terms, the market is forecast to increase with an anticipated CAGR of +2.5% for the period from 2024 to 2035, which is projected to bring the market value to $36.5B (in nominal wholesale prices) by the end of 2035.

Hot-rolled steel bar and rod consumption rose to 34M tons in 2024, with an increase of 1.6% on 2023 figures. The total consumption volume increased at an average annual rate of +1.4% from 2013 to 2024; the trend pattern remained consistent, with only minor fluctuations in certain years. The growth pace was the most rapid in 2018 with an increase of 9.7%. Over the period under review, consumption reached the maximum volume at 35M tons in 2022; however, from 2023 to 2024, consumption stood at a somewhat lower figure.

The size of the market for hot-rolled steel bars and rods in Africa rose to $27.8B in 2024, with an increase of 3.6% against the previous year. This figure reflects the total revenues of producers and importers (excluding logistics costs, retail marketing costs, and retailers' margins, which will be included in the final consumer price). The market value increased at an average annual rate of +2.0% from 2013 to 2024; the trend pattern indicated some noticeable fluctuations being recorded throughout the analyzed period. Over the period under review, the market hit record highs at $29.1B in 2022; however, from 2023 to 2024, consumption failed to regain momentum.

The countries with the highest volumes of consumption in 2024 were Nigeria (8.5M tons), Egypt (8.2M tons) and South Africa (2.9M tons), together comprising 57% of total consumption. Uganda, Algeria, Ghana and Angola lagged somewhat behind, together accounting for a further 26%.

From 2013 to 2024, the most notable rate of growth in terms of consumption, amongst the main consuming countries, was attained by Ghana (with a CAGR of +3.9%), while consumption for the other leaders experienced more modest paces of growth.

In value terms, Nigeria ($7.5B), Egypt ($6.9B) and Uganda ($2.2B) were the countries with the highest levels of market value in 2024, with a combined 60% share of the total market.

Egypt, with a CAGR of +4.2%, recorded the highest rates of growth with regard to market size among the main consuming countries over the period under review, while market for the other leaders experienced more modest paces of growth.

The countries with the highest levels of hot-rolled steel bar and rod per capita consumption in 2024 were Egypt (74 kg per person), Ghana (65 kg per person) and Uganda (52 kg per person).

From 2013 to 2024, the biggest increases were recorded for Ghana (with a CAGR of +1.7%), while consumption for the other leaders experienced more modest paces of growth.

Hot-rolled steel bar and rod production was estimated at 33M tons in 2024, approximately equating the previous year. The total production indicated moderate growth from 2013 to 2024: its volume increased at an average annual rate of +3.6% over the last eleven-year period. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production decreased by -1.1% against 2022 indices. The pace of growth appeared the most rapid in 2018 with an increase of 12%. The volume of production peaked at 34M tons in 2022; however, from 2023 to 2024, production failed to regain momentum.

In value terms, hot-rolled steel bar and rod production rose slightly to $27.9B in 2024 estimated in export price. The total production indicated a noticeable increase from 2013 to 2024: its value increased at an average annual rate of +4.3% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, production decreased by -3.4% against 2022 indices. The pace of growth appeared the most rapid in 2021 with an increase of 31%. Over the period under review, production reached the peak level at $28.9B in 2022; however, from 2023 to 2024, production failed to regain momentum.

The countries with the highest volumes of production in 2024 were Egypt (9.1M tons), Nigeria (8.5M tons) and South Africa (3.2M tons), together comprising 63% of total production. Algeria, Uganda, Ghana and Angola lagged somewhat behind, together accounting for a further 29%.

From 2013 to 2024, the biggest increases were recorded for Algeria (with a CAGR of +13.4%), while production for the other leaders experienced more modest paces of growth.

In 2024, purchases abroad of hot-rolled steel bars and rods increased by 1.2% to 4.1M tons, rising for the second consecutive year after three years of decline. Over the period under review, imports, however, showed a deep reduction. The pace of growth was the most pronounced in 2019 when imports increased by 26% against the previous year. The volume of import peaked at 9.1M tons in 2015; however, from 2016 to 2024, imports failed to regain momentum.

In value terms, hot-rolled steel bar and rod imports rose sharply to $3.3B in 2024. Overall, imports, however, recorded a pronounced curtailment. The most prominent rate of growth was recorded in 2021 when imports increased by 21%. The level of import peaked at $5.6B in 2014; however, from 2015 to 2024, imports failed to regain momentum.

Senegal (423K tons), Ethiopia (385K tons), Egypt (304K tons), Benin (249K tons), Cote d'Ivoire (211K tons), Djibouti (208K tons), Ghana (197K tons), Burkina Faso (168K tons) and Tanzania (152K tons) represented roughly 57% of total imports in 2024. Morocco (142K tons) took a little share of total imports.

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the leading importing countries, was attained by Djibouti (with a CAGR of +19.3%), while imports for the other leaders experienced more modest paces of growth.

In value terms, the largest hot-rolled steel bar and rod importing markets in Africa were Ghana ($367M), Ethiopia ($298M) and Senegal ($261M), together accounting for 28% of total imports. Egypt, Benin, Cote d'Ivoire, Djibouti, Burkina Faso, Morocco and Tanzania lagged somewhat behind, together comprising a further 31%.

Djibouti, with a CAGR of +21.5%, recorded the highest rates of growth with regard to 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.

Iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling (2.3M tons) and iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils (1.7M tons) dominates imports structure, together making up 89% of total imports. Hot-rolled bars in bearing steels (283K tons) ranks next in terms of the total imports with a 6.4% share, followed by steel, alloy; bars and rods, hot-rolled, in irregularly wound coils (4.5%).

From 2013 to 2024, the most notable rate of growth in terms of purchases, amongst the key imported products, was attained by hot-rolled bars in bearing steels (with a CAGR of +7.1%), while imports for the other products experienced mixed trends in the imports figures.

In value terms, the largest types of imported hot-rolled steel bars and rods were iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling ($1.6B), iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils ($1.1B) and steel, alloy; bars and rods, hot-rolled, in irregularly wound coils ($342M), together accounting for 91% of total imports.

Among the main imported products, steel, alloy; bars and rods, hot-rolled, in irregularly wound coils, with a CAGR of +12.0%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other products experienced more modest paces of growth.

The import price in Africa stood at $825 per ton in 2024, rising by 13% against the previous year. Import price indicated a mild expansion from 2013 to 2024: its price increased at an average annual rate of +1.8% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, hot-rolled steel bar and rod import price decreased by -4.4% against 2022 indices. The pace of growth was the most pronounced in 2021 when the import price increased by 40% against the previous year. The level of import peaked at $864 per ton in 2022; however, from 2023 to 2024, import prices failed to regain momentum.

Prices varied noticeably by the product type; the product with the highest price was hot-rolled round bars of stainless steel ($4,237 per ton), while the price for iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils ($684 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by steel, alloy; bars and rods, hot-rolled, in irregularly wound coils (+9.9%), while the other products experienced more modest paces of growth.

The import price in Africa stood at $825 per ton in 2024, with an increase of 13% against the previous year. Import price indicated modest growth from 2013 to 2024: its price increased at an average annual rate of +1.8% over the last eleven years. The trend pattern, however, indicated some noticeable fluctuations being recorded throughout the analyzed period. Based on 2024 figures, hot-rolled steel bar and rod import price decreased by -4.4% against 2022 indices. The most prominent rate of growth was recorded in 2021 when the import price increased by 40% against the previous year. Over the period under review, import prices attained the peak figure at $864 per ton in 2022; however, from 2023 to 2024, import prices remained at a lower figure.

Prices varied noticeably by country of destination: amid the top importers, the country with the highest price was Ghana ($1,868 per ton), while Senegal ($618 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Ghana (+9.3%), while the other leaders experienced more modest paces of growth.

After three years of growth, overseas shipments of hot-rolled steel bars and rods decreased by -3.9% to 3M tons in 2024. Overall, exports, however, saw a buoyant expansion. The growth pace was the most rapid in 2021 when exports increased by 75%. The volume of export peaked at 3.1M tons in 2023, and then contracted modestly in the following year.

In value terms, hot-rolled steel bar and rod exports declined slightly to $2.3B in 2024. In general, exports, however, saw a resilient increase. The most prominent rate of growth was recorded in 2021 when exports increased by 134% against the previous year. The level of export peaked at $2.3B in 2023, and then shrank in the following year.

In 2024, Egypt (1.2M tons) represented the major exporter of hot-rolled steel bars and rods, creating 40% of total exports. Algeria (712K tons) took a 24% share (based on physical terms) of total exports, which put it in second place, followed by South Africa (12%) and Djibouti (6.2%). The following exporters - Uganda (64K tons), Zambia (60K tons), Kenya (57K tons), Benin (56K tons) and Ghana (55K tons) - each amounted to a 9.7% share of total exports.

From 2013 to 2024, the most notable rate of growth in terms of shipments, amongst the main exporting countries, was attained by Djibouti (with a CAGR of +80.9%), while the other leaders experienced more modest paces of growth.

In value terms, Egypt ($950M), Algeria ($539M) and South Africa ($251M) appeared to be the countries with the highest levels of exports in 2024, together accounting for 76% of total exports. Djibouti, Uganda, Zambia, Benin, Kenya and Ghana lagged somewhat behind, together comprising a further 17%.

Among the main exporting countries, Djibouti, with a CAGR of +83.2%, recorded the highest growth rate of the value of exports, over the period under review, while shipments for the other leaders experienced more modest paces of growth.

In 2024, iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling (2.5M tons) was the main type of hot-rolled steel bars and rods, making up 77% of total exports. It was distantly followed by iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils (657K tons), committing a 20% share of total exports. Steel, alloy; bars and rods, hot-rolled, in irregularly wound coils (50K tons) took a little share of total exports.

Exports of iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling increased at an average annual rate of +17.3% from 2013 to 2024. At the same time, steel, alloy; bars and rods, hot-rolled, in irregularly wound coils (+24.0%) and iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils (+2.4%) displayed positive paces of growth. Moreover, steel, alloy; bars and rods, hot-rolled, in irregularly wound coils emerged as the fastest-growing type exported in Africa, with a CAGR of +24.0% from 2013-2024. Iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling (+34 p.p.) significantly strengthened its position in terms of the total exports, while iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils saw its share reduced by -30.1% from 2013 to 2024, respectively. The shares of the other products remained relatively stable throughout the analyzed period.

In value terms, iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling ($1.7B) remains the largest type of hot-rolled steel bars and rods supplied in Africa, comprising 76% of total exports. The second position in the ranking was held by iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils ($468M), with a 20% share of total exports. It was followed by steel, alloy; bars and rods, hot-rolled, in irregularly wound coils, with a 1.6% share.

For iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling, exports expanded at an average annual rate of +16.8% over the period from 2013-2024. With regard to the other exported products, the following average annual rates of growth were recorded: iron or non-alloy steel; bars and rods, hot-rolled, in irregularly wound coils (+3.1% per year) and steel, alloy; bars and rods, hot-rolled, in irregularly wound coils (+23.8% per year).

In 2024, the export price in Africa amounted to $760 per ton, rising by 2.3% against the previous year. Over the period under review, the export price showed a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 an increase of 34% against the previous year. Over the period under review, the export prices attained the maximum at $880 per ton in 2022; however, from 2023 to 2024, the export prices failed to regain momentum.

Prices varied noticeably by the product type; the product with the highest price was hot-rolled round bars of stainless steel ($2,159 per ton), while the average price for exports of iron or non-alloy steel; bars and rods, not further worked than forged, hot-rolled, hot drawn or hot-extruded, but including those twisted after rolling ($688 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by hot-rolled round stainless steel (+5.8%), while the other products experienced more modest paces of growth.

In 2024, the export price in Africa amounted to $760 per ton, with an increase of 2.3% against the previous year. In general, the export price recorded a relatively flat trend pattern. The pace of growth appeared the most rapid in 2021 when the export price increased by 34% against the previous year. Over the period under review, the export prices reached the peak figure at $880 per ton in 2022; however, from 2023 to 2024, the export prices stood at a somewhat lower figure.

Prices varied noticeably by country of origin: amid the top suppliers, the country with the highest price was Benin ($938 per ton), while Ghana ($471 per ton) was amongst the lowest.

From 2013 to 2024, the most notable rate of growth in terms of prices was attained by Zambia (+3.2%), while the other leaders experienced more modest paces of growth.

Source: IndexBox Market Intelligence Platform

This report provides an in-depth analysis of the market for hot-rolled steel bar and rod in Africa. 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 Importers on The Market and How They Succeed

The Largest Exporters on The Market and How They Succeed

The Largest Producers on The Market and Their Profiles

The Largest Markets And Their Profiles