Scrap exports from Ukraine reached 262 thousand tons in January-November

In January-November 2024, Ukraine’s scrap metal industry increased exports of ferrous scrap by 62.4% compared to the same period in 2023, to 261.58 thousand tons. This is evidenced by the data of the State Customs Service.

In November, shipments of raw materials abroad increased by 41% compared to the previous month, and by 145.5% compared to November 2023 – up to 34.61 thousand tons. Export volumes reached their highest level in the last 3 years. The average monthly volume of scrap exports for 11 months of 2024 amounted to 23.78 thousand tons, compared to 14.64 thousand tons in 2023 and 3.9 thousand tons in 2022.

In January-November, the main volume of raw materials was exported to Poland – 223.48 thousand tons. A small part was exported to Greece (27.97 thousand tons) and Germany (6.32 thousand tons).

Revenues from exports of raw materials in November 2024 amounted to $10.19 million tons, up 42.4% m/m and 136.1% y/y. In January-November, it amounted to $82.06 million (+76.8% y/y).

Despite the increased demand for raw materials from domestic steelmakers, Ukraine’s scrap exports have grown significantly since the beginning of 2022. The increase in shipments is taking place amidst difficulties in collecting scrap due to hostilities, as most scrap procurement facilities were located in the temporarily occupied territories or in the war zone before the full-scale war.

In November 2024, the global scrap market showed a decline in prices in most key regions. In Turkey, supply fell to its lowest level in 2 years, while in the US it dropped by 3.6%. The European market was characterized by mixed trends, with stagnation prevailing in general. In China, quotes fell by 2.7%. A partial recovery is expected only in January 2025.

As GMK Center reported earlier, in 2023, the volume of ferrous scrap collection in Ukraine increased by 28.1% to 1.27 million tons compared to 2022. Over the same period, scrap supplies to steelmakers amounted to 1.034 million tons (+15.4% y/y). Exports increased by 3.4 times compared to 2022 to 182.48 thousand tons.