EU increased imports of iron ore from Ukraine by 36.2% y/y in August

In January-August, European steelmakers reduced the import of Ukrainian iron ore by 10.4% y/y

In August 2023, the European Union increased the import of iron ore from Ukraine by 36.2% compared to the same period in 2022 – to 1.22 million tons. The import of raw materials in monetary terms increased by 13% y/y – up to €145 million. This is evidenced by Eurostat’s data.

In comparison with July 2023, in August, European steelmakers increased the import of iron ore from Ukraine by 3.6% in natural terms. Supplies of raw materials in monetary terms increased by 10.3%.

In January-August, the European Union imported 9.27 million tons of iron ore from Ukraine, which is 10.4% less compared to the same period in 2022. The costs of European steelmakers on imports during this period decreased by 24% y/y – up to €1.09 billion

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

• Czech Republic – 2.9 million tons (-8% compared to January-August 2022);
• Poland – 2.2 million tons (-25.5% y/y);
• Slovakia – 3.5 million tons (+9.7% y/y);
• Hungary – 218.4 thousand tons (-53% y/y).

In August, 466.7 thousand tons of iron ore were shipped from Ukraine to the Czech Republic (+75.2% m/m; +35.7% y/y), to Poland – 280 thousand tons (-15.8% m./m.; -12.5% ​​y/y), to Hungary – 7.5 thousand tons (-50.6% m/m; -76.7% y/y), to Slovakia – 347,000 tons (+11.4% m/m; +91.5% y/y).

As GMK Center reported earlier, Ukrainian steel industry in January-August 2023 shipped for export 11.2 million tons of iron ore, which is 44% less compared to the same period in 2022. Revenue from the export of iron ore in 8 months decreased by 53.3% – to $1.18 billion. Thus, the main volume of iron ore exports from Ukraine is directed to the European Union.

The major 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.