Rolled steel market in Ukraine grew by 94.5% y/y in January-October

The capacity of the domestic market for 10 months was 2.9 million tons

In January-October 2023, Ukrainian enterprises increased the consumption of rolled steel by 94.5% compared to the same period in 2022 – up to 2.903 million tons. This is evidenced by Ukrmetalurgprom’s data.

In 10 months, Ukraine imported 937.5 thousand tons of rolled steel, accounting for 32.3% of the domestic consumption market. The share of imports in domestic consumption of steel products increased by 0.4ppt y/y.

The structure of imports is characterized by a significant dominance of flat products over long products – 75.5% and 24.4%, respectively. In the same period of 2022, the dominance of flat products over long products was slightly lower, but still noticeable – 66.2% and 32.7%, respectively.

In January-October 2023, Ukrainian steelmakers produced 4.36 million tons of rolled products (-13% y/y). The company exported 2.399 million tons of products and shipped 1.97 million tons to the domestic market. The share of exports in total production was 55%, while in the same period of 2022 it was 79.7%.

The share of semi-finished products in export deliveries for 10 months was 43.1%, which corresponds to the figure for 2022 (43.3%). The share of flat products in exports decreased to 37% over 10 months compared to 37.2% a year earlier. The share of long products in exports increased to 19.8% from 19.4%.

As GMK Center reported earlier, in October 2023 Ukrainian steelmakers reduced the production of rolled products by 16.6% compared to the previous month – to 436 thousand tons. In January-October 2023, Ukrainian steelmakers produced 4.36 million tons of rolled products, which is 13.1% less compared to the same period in 2022 year