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Iron ore export from Ukraine

Shipments increased by 94% compared to December, and 3.4 times compared to January 2023

In January 2024, Ukrainian mining companies increased iron ore exports by 93.9% compared to the previous month – to 3.11 million tons. The figure increased 3.4 times compared to January 2023. This is evidenced by data from the State Customs Service.

Revenues of Ukrainian iron and steel companies from iron ore exports in January this year amounted to $295.99 million, up 2.1 times m/m and 2.7 times y/y.

The bulk of raw materials were shipped to China, accounting for 48.05% of total exports in monetary terms. Another 13.6% went to Slovakia and 10.5% to Poland.

For the first time since the beginning of the full-scale war, China has become the main export destination for Ukrainian iron and steel companies. This was facilitated by the opening of the sea corridor in August 2023. Since then, more than 23 million tons of cargo have been exported via this route. Although grain cargoes are preferred, iron and steel products are the second largest share of total exports through the sea corridor.

According to GMK Center, in August-December 2023, 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. Revenue of Ukrainian iron and steel 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 GOK and Zaporizhzhia Iron Ore Plant.