The EU reduced imports of iron ore from Ukraine by 9.4% y/y in the first quarter

In March, deliveries of Ukrainian iron ore to EU countries increased by 42.4% m/m, but decreased by 3.1% y/y

In January-March 2023, the European Union reduced the import of iron ore and concentrate from Ukraine by 9.4% compared to the same period in 2022 – to 3.66 million tons. The import of raw materials in monetary terms decreased by 16.5% y/y – to €412.71 million. This is evidenced by Eurostat’s data.

The largest importers of Ukrainian iron ore among the EU countries in the first quarter of 2023 were:

• Czech Republic – 1.17 million tons (+7% compared to January-March 2022);
• Poland – 1.08 million tons (+11.9% y/y);
• Slovakia – 1.32 million tons (+14.7% y/y);
• Hungary – 54.19 thousand tons (-78.1% y/y).

In March 2023, EU countries increased iron ore imports from Ukraine by 42.4% compared to February – up to 1.52 million tons. At the same time, compared to March 2022, supplies of Ukrainian raw materials to European steelmakers decreased by 3.1%. The costs of European steelmakers on imports amounted to €177.26 million, which is 17.5% less than in March 2022, but 57.1% more than in February 2023

In March 2023, the Czech Republic consumed 485.16 thousand tons of Ukrainian iron ore, which is 81.3% more compared to February and 13.7% y/y. In March, Poland increased its iron ore import from Ukraine by 18.6% m/m and by 28.9% y/y – up to 437.6 thousand tons. Deliveries to Slovakia amounted to 550.94 thousand tons, which is 32.2% more m/m, but 6.3% less year-on-year.

As GMK Center reported earlier, Ukrainian steel industry in January-March 2023 shipped for export 3.66 million tons of iron ore, which is 61.8% less compared to the same period in 2022. Revenue from the export of iron ore for the first quarter also decreased by 61.8% – to $403.8 million. Thus, the entire volume of iron ore exports from Ukraine is directed to the European Union.

Ukrainian Railways (UZ) for March 2023 transported for export 1.7 million tons of iron ore, which is 29.8% more compared to the previous month, and 32.2% more compared to March 2022. The share of iron ore in the structure of export transportation of the railway operator for the month was 32.1%.

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.