Ukraine increased pig iron export by 46% m/m in November

In November 2023, Ukrainian steel companies increased pig iron exports by 46% compared to the previous month – up to 77.36 thousand tons. In monetary terms, pig iron supplies abroad during this period increased by 55.6% m/m – to $27.16 million. This is evidenced by data from the State Customs Service.

Compared to November 2022, in November 2023, pig iron exports decreased by 1.2% in physical terms and by 4.7% – in monetary terms.

Thus, pig iron exports recovered somewhat after a sharp drop in October. However, shipments are still significantly below the monthly average in 2023 (108.2 thousand tons). The drop in exports is likely due to unfavorable conditions in the EU market, the main export market for the Ukrainian steel industry. Shutdowns of steel enterprises in the EU amid weak demand for steel reduced consumption of Ukrainian pig iron.

In January-November 2023, Ukraine exported 1.19 million tons of pig iron worth $450.6 million. Export volumes were down 3% year-on-year in January-November 2022, while revenue was down 25.2%.

Poland was the main consumer of Ukrainian pig iron in January-November 2023 (53.5%). Spain’s share in total exports amounted to 22.4%. The United States ranked third with 9.9%. Before the war, the US consumed more than half of the pig iron exported from Ukraine.

As GMK Center reported earlier, in 2022, Ukrainian steel companies reduced the export of pig iron by 59% compared to 2021 – to 1.32 million tons. The income of steelmakers from the export of pig iron last year amounted to $638.8 million, which is 61.1% less than in 2021. The main consumer of raw materials was the USA – 38.47% of the total volume of exports.