Ukraine exported 33.7 million tons of iron ore in 2024

Shipments increased by 89.8% y/y, mainly due to the opening of the sea export corridor

In 2024, Ukrainian mining companies increased iron ore exports by 89.9% compared to 2023, to 33.699 million tons. This is evidenced by data from the State Customs Service.

Shipments increased mainly due to the opening of the sea corridor in August 2023. On a quarterly basis, iron ore exports are as follows:

• Q1 – 9 million tons (+146.2% y/y; +76.3% q/q);
• Q2 – 9.31 million tons (+99.5% y/y; +3.4% q/q);
• Q3 – 6.93 million tons (+60.5% y/y, -25.5% q/q);
• Q4 – 8.45 million tons (+65.4% y/y; +21.8% q/q);

Thus, during the year, quarterly exports were mostly stable at 8.5-9.3 million tons, but in July-September there was a significant decline caused by the weakness of the global iron ore and steel markets, in particular, the slowdown in China, the main consumer of Ukrainian raw materials. Thus, over the year, Ukraine exported 15.09 million tons of iron ore to China, 4.97 million tons – to Slovakia and 5.09 million tons – to Poland.

“Before the full-scale war, Ukraine exported about 40% of its iron ore to China. After it started, due to the closure of seaports, logistics became unprofitable and Ukraine lost this market. The resumption of supplies to the Chinese market is extremely important given the need to support the Ukrainian iron ore industry during the war,” said Andriy Glushchenko, GMK Center analyst.

In December 2024, Ukraine exported 3.449 million tons of iron ore, the highest since February 2022. This is 114.6% up compared to December 2023 and 40.2% m/m. The December figure was marked by a significant increase due to strong demand from China – 2.05 million tons (+101% m/m). Slovakia consumed 518.14 thousand tons of Ukrainian ore over the month (+34.1% m/m), while Poland consumed 395.24 thousand tons (-3.3%).

Revenues from iron ore exports from Ukraine in 2024 amounted to $2.8 billion (+58.7% y/y). In December, it amounted to $273.06 million (+91.6% y/y; +45% m/m).

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 iron and steel 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.