Consumption of steel products in Ukraine decreased to 3 million tons in January-November

Ukraine reduced consumption of steel products (rolled and semi-finished products) by 7.9% in January-November 2024 compared to the same period in 2023, to 2.996 million tons. This is evidenced by the data of Ukrmetallurgprom.

Over 11 months, Ukraine imported 1.136 million tons of steel products, up 6.1% compared to January-November 2023. Imports account for 37.9% of the domestic rolled steel consumption market in the country. The share of the import component in domestic consumption of steel products increased by 6.13 percentage points y/y.

The structure of imports is characterized by a significant dominance of flat products over long products – 78.9% and 19.5%, respectively. In January-November 2023, the dominance of flat products over long products was also significant – 75.2% and 24%, respectively.

In 11 months, Ukrainian steelmakers produced 5.74 million tons of rolled products, up 18% year-on-year. The company exported 3.88 million tons of steel products, up 46.8% y/y.

The domestic market received 1.86 million tons of rolled and semi-finished products, down 16.2% y/y. In January-November, Ukrainian steelmakers reduced shipments to the domestic market, with exports accounting for 67.6% of total output over 11 months, down from 54.4% a year ago.

The share of flat products in export shipments increased to 39% over 11 months, up from 38.5% a year earlier. The share of long products in exports decreased to 14.7% from 19.7%.

In January-November, the main export markets for Ukrainian rolled steel products were the European Union (70.3%), Africa (10.5%) and the rest of Europe (8.1%). Among steel importers, the first place is occupied by other European countries (50.6%), the second place is occupied by the EU (28%), and the third place is occupied by Asian countries (20%).

As GMK Center reported earlier, Ukrainian steelmakers increased rolled steel production by 0.4% in 2023 compared to 2022, to 5.37 million tons. In December, Ukrainian steelmakers increased rolled steel production by 1.8% month-on-month and 4.7 times year-on-year – to 508 thousand tons.

Consumption of steel products in 2023 increased by 119.3% compared to 2022 to 3.506 million tons. Imports amounted to 1.12 million tons (+79.9% y/y), and exports amounted to 2.98 million tons (-31.7% y/y).