Northern Mining

Shipments decreased by 18.2% compared to January and increased by 2.1 times compared to February 2023

In February 2024, Ukrainian mining companies reduced iron ore exports by 18.2% compared to the previous month – to 2.55 million tons. The figure increased by 2.1 times compared to February 2023. This is evidenced by data from the State Customs Service.

Revenues of Ukrainian iron and steel companies from the export of iron ore in February 2024 amounted to $256.83 million, which is 13.2% less than in the previous month and 2 times more than in the previous year.

In January-February 2024, Ukraine exported 5.66 million tons of iron ore, up 2.6 times compared to the same period in 2023. Export revenue increased 2.3 times year-on-year – to $552.82 million.

The bulk of raw materials were shipped to China, accounting for 40.3% of total exports in monetary terms. Another 17.2% went to Slovakia and 11.5% to Poland.

For the first time since the start of a full-scale war, China has become the main export destination for Ukrainian mining and metals companies. This was facilitated by the opening of the sea corridor in August 2023. Since then, more than 30 million tons of cargo have been exported via this route. Although grain cargoes are preferred, mining and metals products are the second-largest share of total exports via the sea corridor.

According to GMK Center, in August-December last year, at least 46 vessels left Odesa and Pivdennyi ports with cargoes of steel and mining products, including 17 bulk carriers with 2.6 million tons of iron ore and 29 vessels with 653 thousand tons of steel products.

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 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.