Ukraine exported 3.1 million tons of iron ore in May

In May 2024, Ukrainian mining companies reduced iron ore exports by 8% compared to the previous month – to 3.13 million tons. The figure increased by 2 times compared to May 2023. This is evidenced by data from the State Customs Service.

Revenues of Ukrainian iron and steel companies from iron ore exports in May this year amounted to $238.62 million, down 10% m/m and 48.2% y/y.

Since the beginning of the year, Ukrainian mining companies have been gradually increasing their exports of iron ore month-on-month. This was facilitated by the opening of a maritime export corridor for iron and steel cargo. At the same time, from January to March, the monthly dynamics was at the level of +30-90%, in April it slowed down to +2%, and in May, export volumes fell by 8% m/m. This may indicate a deterioration in market conditions and the exhaustion of port opportunities. The decline in exports in May was probably caused by the deterioration in global iron ore market conditions and lower prices for raw materials, as revenues in April fell by 14.6% compared to March despite an increase in volumes, and by another 10% in May.

In January-May 2024, Ukraine exported 15.54 million tons of iron ore, up 2.3 times compared to the same period in 2023. Export revenue increased by 81.7% y/y – to $1.37 billion.

The bulk of raw materials were shipped to China, accounting for 40.5% of total exports in monetary terms. Another 15.6% went to Slovakia and 14.9% to Poland. For the first time since the beginning of the full-scale war, China has been the main export destination for Ukrainian iron and steel companies.

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.