Ukraine exported 3.4 million tons of iron ore in April

In April 2024, Ukrainian mining companies increased iron ore exports by 2% compared to the previous month to 3.41 million tons. Compared to April 2023, the figure increased by 2 times. This is evidenced by data from the State Customs Service.

Revenues of Ukrainian iron and steel companies from iron ore exports in Apri 2024 amounted to $265.23 million, down 14.6% m/m and 41.3% y/y.

Since the beginning of the year, Ukrainian mining companies have been gradually increasing their exports of iron ore on a monthly basis. This was facilitated by the opening of a maritime export corridor for iron and steel cargo. However, from January to March, the monthly dynamics were much higher than in April – 30-90% vs. 2% – which may indicate a deterioration in market conditions and the exhaustion of port capacities. The slowdown in exports in April was likely caused by the deterioration in global iron ore market conditions and lower commodity prices, as revenues in April fell compared to March, while export volumes increased.

In January-April 2024, Ukraine exported 12.41 million tons of iron ore, up 2.3 times compared to the same period in 2023. Export revenue increased by 90.8% y/y – to $1.13 billion.

The bulk of raw materials were shipped to China, accounting for 43% of total exports in monetary terms. Another 16.3% went to Slovakia and 13.7% to Poland. For the first time since the start of a 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 GOK.