Ukraine exported 2.46 million tons of iron ore in November

In November 2024, Ukrainian mining companies reduced iron ore exports by 3.1% compared to the previous month to 2.46 million tons. Exports increased by 25.3% compared to November 2023. This is evidenced by the data of the State Customs Service.

The mining industry is facing a decline in global demand and prices for iron ore, as well as internal challenges such as a weak power grid, rising energy and logistics costs, and a shortage of personnel. Since the second half of the year, iron ore exports have not exceeded 2.5 million tons per month, compared to 3.1-3.4 million tons in the first half. September saw the lowest exports since the beginning of the year at 1.93 million tons, while the average monthly shipment volume is currently 2.75 million tons. December export volumes will depend on the situation in China, a key consumer of Ukrainian raw materials, but due to the weakness of this market, no significant fluctuations are expected.

Thus, 1.02 million tons of iron ore were exported to China (-15.6% m/m), 386.26 thousand tons to Slovakia (+20.6%), and 408.73 thousand tons to Poland (-0.8%).

In January-November 2024, Ukraine increased its iron ore exports by 87.4% compared to the same period in 2023, to 30.25 million tons. Most of the products were exported to China – 13.04 million tons, Slovakia – 4.45 million tons, and Poland – 4.69 million tons.

Revenues from iron ore exports amounted to $2.53 billion over 11 months (+55.8% y/y), and in November – $188.3 million (+12.9% m/m; +21.4% y/y).

In the third quarter, the export of iron ore from Ukraine decreased by 25.5% compared to the previous quarter to 6.93 million tons. In the second quarter, the figure was 9.31 million tons (+3.4% q/q), and in the first quarter it was 9 million tons (+76.3% q/q).

As GMK Center reported earlier, in 2023, Ukraine reduced iron ore exports by 26% compared to 2022, to 17.75 million tons. Exports of raw materials decreased by 60% compared to pre-war 2021. Revenues of Ukrainian mining and metals companies from iron ore exports decreased by 39.4% y/y – to $1.77 billion.

The main producers of iron ore in Ukraine are Ingulets Mining, Kryvyi Rih Iron Ore Enrichment Plant, Poltava Mining, Yeristovo Mining, Northern Mining, Central Mining, Southern Mining, ArcelorMittal Kryvyi Rih, Sukha Balka, and Rudomine.