Iron ore

In January-September, European steelmakets reduced the import of Ukrainian iron ore by 4% y/y

In September 2023, the European Union reduced imports of iron ore from Ukraine by 9.3% compared to the previous month – to 1.1 million tons. Imports of raw materials in monetary terms decreased by 13.4% y/y – to €125.2 million. This is evidenced by Eurostat data.

Compared to September 2022, in September 2023, European steelmakers increased their imports of iron ore from Ukraine by 2.4 times in physical terms. The supply of raw materials in monetary terms increased by 88.8%.

In January-September, the European Union imported 10.38 million tons of iron ore from Ukraine, down 4% compared to the same period in 2022. European steelmakers’ import expenditures for this period decreased by 19% y/y – to €1.22 billion.

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

  • Czech Republic – 3.24 million tons (-2.3% compared to January-September 2022);
  • Poland – 2.51 million tons (-16.6% y/y);
  • Slovakia – 3.78 million tons (+16% y/y);
  • Hungary – 218.45 thousand tons (-54.6% y/y).

In September, Ukraine shipped 380.41 thsd tonnes of iron ore to the Czech Republic (-18.5% m/m, +84.2% y/y), 341.9 thsd tonnes to Poland (+22.1% m/m, +240.5% y/y), and 334.5 thsd tonnes to Slovakia (-3.6% m/m, +184.9% y/y). Hungary did not import Ukrainian iron ore in September.

As GMK Center reported earlier, Ukrainian steel industry in January-August 2023 shipped for export 12.64 million tons of iron ore for $1.32 billion. Shipment volumes decreased by 40.8% compared to January-September 2022, and revenue decreased by 50.4% y/y. 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.