Ukraine increased pig iron exports by 35.1% m/m in May

The EU and the US accounted for the bulk of Ukrainian product consumption during the month

In May 2025, Ukrainian steel enterprises exported 162.36 thousand tons of commercial pig iron, which is 35.1% more than in the previous month. Compared to May 2024, exports increased by 82.1%. This is evidenced by GMK Center calculations based on data from the State Customs Service.

In May, 105.56 thousand tons of pig iron were exported to the US (-8.6% month-on-month; +37% year-on-year), 2.48 thousand tons to Poland (-27% month-on-month; -61.3% year-on-year), and 10 thousand tons to Italy.

In January-May 2025, export volumes increased by 45.2% compared to the same period in 2024, reaching 736.42 thousand tons. The US accounted for 581.58 thousand tons (+44.8% y/y) of supplies, Italy – 75.55 thousand tons (+138.2% y/y), Poland – 17 thousand tons (-35.6% y/y).

Revenue from pig iron exports in May amounted to $64.26 million, compared to $46.9 million in April and $34.56 million – in May 2024.

As a reminder, in 2024, Ukraine increased its exports of commercial pig iron by 3.4% compared to 2023, from 1.25 million tons to 1.29 million tons. At the same time, exports amounted to 1.32 million tons in 2022 and 3.23 million tons in 2021. Ukrainian steelmakers’ export revenues for the year increased by 6.1% to $500.34 million.

During the year, there was a diversification of export destinations. In particular, the United States became the main consumer of Ukrainian pig iron, mainly due to the restoration of maritime logistics for Ukrainian iron and steel cargoes. At the same time, exports to the EU declined due to market stagnation. Thus, 940,210 tons (+514% y-o-y) were shipped to the US, 102,490 tons (+617%) to Turkey, 93,280 tons (+61.9%) to Italy, and 63,050 tons (-90%) to Poland. In 2023, Poland consumed more than half of Ukraine’s pig iron exports (633.34 thousand tons), while in 2024, it consumed only 5%.