The shipment of products abroad increased by 2.5 times y/y and 8.2% m/m

In March 2024, Ukrainian steelmakers increased exports of flat products by 8.2% year-on-year – to 148.18 thousand tons. Exports increased by 2.5 times compared to March 2023. This is evidenced by data from the State Customs Service.

Export revenues in March increased by 17.1% compared to February, and by 2.5 times y/y – to $94.8 million.

In January-March 2024, Ukrainian steel companies exported 419.4 thousand tons of flat products, up 3.4 times y/y. Export revenue for 3 months increased by 3.1 times y/y – to $252.3 million.

In January-March, the largest exports were of uncoated flat hot-rolled products (HS 7208), 347.22 thousand tons worth $201.9 million. In March, the company shipped 125.8 thousand tons (+13.4% m/m) for $78.45 million (+24% m/m). The company also exported 55.23 thousand tons of uncoated flat products (HS 7209) for $33.78 million, 17.9 thousand tons (-5.1% m/m) in March for $11.78 million (+9.1% m/m).

Flat products with galvanic or other coatings (HS 7210) are among the top three types of flat products in terms of exports from Ukraine in January-March 2024, with 16.51 thousand tons worth $16.11 million. In March, steelmakers reduced exports of such products by 39.6% compared to the previous month, to 4.27 thousand tons. Revenue from its shipment fell by 34.8% m/m – to $4.42 million.

The largest consumers of Ukrainian uncoated flat hot-rolled steel are Poland and Bulgaria, accounting for 44.4% and 22.5% in monetary terms, respectively. Poland (35.5%) and Bulgaria (12.3%) together consumed more than 50% of uncoated flat cold-rolled products. Poland (79.1%) and Romania (14.9%) were the main buyers of Ukrainian coated products.

As GMK Center reported earlier in 2023, Ukraine reduced exports of flat products by 26.4% compared to 2022, to 1.202 million tons. Revenues from exports of the relevant products decreased by 42.2% y/y – to $782.3 million.

Although exports in 2023 are lower than in 2022 (1.63 million tons), they are still significantly higher than in March-December 2022 (the period after the start of the full-scale invasion). From the beginning of the full-scale Russian invasion until the end of 2022, Ukrainian steelmakers exported only 594.54 thousand tons of flat products, and the bulk of the relevant exports in 2022 were shipped in January-February – 1.04 million tons.

Thus, in 2023, Ukrainian steelmakers doubled last year’s figures, excluding the pre-war January-February period.