EU increased imports of iron ore from Ukraine by 16% m/m in July

In January-July, European steelmakers reduced the import of Ukrainian iron ore by 15.2% y/y

In July 2023, the European Union increased the import of iron ore from Ukraine by 16% compared to the previous month – up to 1.14 million tons. The import of raw materials in monetary terms increased by 13% compared to June – up to €131 million. This is evidenced by Eurostat’s data.

In comparison with July 2022, in July 2023 European steelmakers increased the import of iron ore from Ukraine by 5.3% in natural terms. Supplies of raw materials in monetary terms decreased by 13.6%.

In January-July, the European Union imported 8.02 million tons of iron ore from Ukraine, which is 15.2% less compared to the same period in 2022. The costs of European steelmakers on imports during this period decreased by 27.6% y/y – to €947.95 million.

The largest importers of iron ore of Ukrainian production among the EU countries in January-July 2023 were:

• Czech Republic – 2.4 million tons (-13.5% compared to January-July 2022);
• Poland – 1.89 million tons (-27.1% y/y);
• Slovakia – 3.1 million tons (+4.7% y/y);
• Hungary – 211 thousand tons (-51.3% y/y).

In July, 266.3 thousand tons of iron ore were shipped from Ukraine to the Czech Republic (-11.8% m/m; -22.1% y/y), to Poland – 332.5 thousand tons (+149 % m/m; -27.1% y/y), to Hungary – 15.1 thousand tons (-73.4% m/m; -66.5% y/y), to Slovakia – 311.6 thousand tons (-31.6% m/m; -5.8% y/y).

As GMK Center reported earlier, Ukrainian steel industry in January-July 2023 shipped for export 9.68 million tons of iron ore, which is 47.9% less compared to the same period in 2022. Revenue from the export of iron ore in 7 months decreased by 56% – to $1.04 billion. Thus, the main volume of iron ore exports from Ukraine is directed to the European Union.

Ukrainian Railways for July 2023 transported for export 1.45 million tons of iron ore, which is 1.7% more compared to the previous month. In January-July, the volume of iron ore transportation fell by 41.2% y/y – to 10.1 million tons.

The main iron ore producers in Ukraine include: Ingulets GOK, Kryvyi Rih Iron Ore Plant, Poltava Mining, Northern GOK, Central GOK, Southern GOK, ArcelorMittal Kryvyi Rih, Sukha Balka GOK and Zaporizhzhia Iron Ore Plant.