Cargo prices increased slightly compared to the last week of December in West Africa’s destinations. Prices were stable in South Africa. The new year has started, but details about January prices are unclear since the holidays have kept the market silent. During the New Year and Christmas holiday season, activity was low in most African markets, especially in key markets like Nigeria and South Africa. Activities are expected to start again with the same strength by mid-January.
Slow Construction & low Demand in West Africa
Construction activity was generally slow in West Africa and significantly slow in Nigeria. The Nigerian government’s switch to concrete for new road and highway projects was closely monitored in the region for any drop in bitumen demand.
The Lagos-Calabar Project, a 700 km highway in Nigeria, has been in progress for the past few months. The first 47 km of this project should be completed by May 2025.
East Africa Faces Seasonal Slowdown & Price Decline
Market participants in East Africa reported low prices. They saw bulk offers for drum supplies at lower levels than 20 December, ranging from $ 330-349 per ton FOB to $ 380-385 per ton Drum. Market participants said cargo rates from the Mideast Gulf into East Africa were unaffected.
On the other hand, most activity across East Africa slowed sharply for the Christmas and New Year’s break.
South African Projects Suspended as Truck Prices Hold Steady
Domestic truck prices were evaluated unchanged without significant loadings or movements after South African constructors ended their project activities for the holiday break earlier in December.
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