Ukraine increased exports of semi-finished products by 40.1% m/m in May

The main volumes of production are directed to Bulgaria

In May 2024, Ukrainian steelmaking companies increased exports of semi-finished products by 40.1% compared to the previous month, to 184.98 thousand tons. The figure increased by 21.8% compared to May 2023. This is evidenced by the data of the State Customs Service.

Revenues of domestic enterprises from the export of semi-finished products increased by 38.1% last month compared to April – up to $92.75 million. Compared to the same month in 2023, the figure increased by 7%.

In January-May 2024, exports of semi-finished products from Ukraine increased by 71.5% compared to the same period in 2023, to 768.21 thousand tons. Export revenue increased by 55.6% y/y – to $381.1 million.

In January-May, Bulgaria was the largest consumer of Ukrainian semi-finished products, accounting for 36.7% of total exports in monetary terms. Another 12.5% of products were exported to Poland and 9.9% – to Italy.

In 2023, Ukraine reduced exports of semi-finished products by 36.7% compared to 2022, to 1.203 million tons. Compared to the pre-war year 2021, shipments of semi-finished products abroad decreased by 82.2%, or 5.57 million tons. Revenues of domestic enterprises from the export of semi-finished products last year decreased by 48.9% compared to 2022, to $608.52 million.

The largest consumers of Ukrainian semi-finished products in 2023 were Bulgaria – 36.7%, Poland – 23%, and Italy – 9.6%.

In 2023, Ukrainian steelmaking companies continued to operate amid limited logistics capabilities and unfavorable global market conditions. Ukraine’s major steel companies, Metinvest Group’s Kametstal and Zaporizhstal, and ArcelorMittal Kryvyi Rih, operated last year at capacity utilization rates of 65-75% and 20-30%, respectively. This year, the industry plans to increase production due to the partial reopening of sea exports.