Exports of semi-finished steel products from Ukraine amounted to 1.89 million tons in 2024

In 2024, Ukrainian steel companies increased exports of semi-finished steel products by 56.7% compared to 2023, from 1.2 million tons to 1.89 million tons. At the same time, exports amounted to 1.9 million tons in 2022 and 6.78 million tons in 2021. This is according to GMK Center’s calculations based on the State Customs Service data.

Export shipments increased year-on-year due to the resumption of sea exports to distant markets, including Egypt. At the same time, Bulgaria remains the main consumer of Ukrainian semi-finished products (31.5% of total exports). Thus, during the year, 595.02 thousand tons of products were exported to Bulgaria (+30% y/y), 356.17 thousand tons to Egypt (+1233%), and 215.76 thousand tons to Turkey.

In quarterly terms, the export of semi-finished products from Ukraine in 2024 is as follows:

• Q1 – 451.15 thsd tonnes (+61.7% q/q; +132% y/y);
• Q2 – 436.86 thousand tons (-3.2% q/q; +23.1% y/y);
• Q3 – 641.9 thousand tons (+46.9% q/q; +71.2% y/y);
• Q4 – 356.17 thsd tonnes (-44.5% q/q; +27.7% y/y).

The main surge in exports occurred in the third quarter, which contributed to a significant increase in annual exports. Shipments were mostly stable in the first half of the year, while at the end of the year the quarterly volume declined, in particular due to weakening of the industry’s competitiveness as a result of rising electricity and logistics tariffs, as well as the overall weakness of the global steel market. Average monthly exports amounted to 157.2 thousand tons compared to 100.3 thousand tons in 2023 and 158 thousand tons in 2022.

In December 2024, Ukraine exported 122.25 thousand tons of semi-finished products, up 23.8% y/y and 36.1% m/m.

Ukrainian steelmakers’ export revenues increased by 52.4% to $927.55 million over the year. In December, the figure amounted to $57.2 million, up 23.3% y/y and 34.9% m/m.

As GMK Center reported earlier, in 2023, Ukraine reduced exports of semi-finished products by 36.7% compared to 2022, to 1.203 million tons. Compared to the pre-war year 2021, shipments of semi-finished products abroad decreased by 82.2%, or 5.57 million tons. Revenues of domestic enterprises from the export of semi-finished products last year decreased by 48.9% compared to 2022, to $608.52 million.

In 2023, the largest consumers of Ukrainian semi-finished products were Bulgaria – 36.7%, Poland – 23%, and Italy – 9.6%.