Ukraine increased revenue from ferrous metal exports by 65% y/y in January

Ferrous metals accounted for 8.1% of the total volume of export earnings for the month

In January 2024, Ukrainian steel enterprises increased their revenue from ferrous metal exports by 65.4% compared to January 2023, to $274.1 million. This is according to the State Customs Service, Interfax-Ukraine reports.

Ferrous metals accounted for 8.1% of total export earnings for the month, up from 5.3% in January 2024.

In addition, in January, Ukraine increased revenues from exports of metal products by 3.5% – to $64.33 million. Imports of these products increased by 41.7% to $72.65 million.

In December 2023, revenues from exports of ferrous metals amounted to $214.5 million, while in the previous month – $174.38 million. Imports of these products amounted to $107.37 million. Exports of steel products in December reached $56.08 million, while imports amounted to $74.19 million.

As GMK Center reported earlier, in 2023, Ukrainian steelmakers increased rolled steel production by 0.4% compared to 2022, to 5.37 million tons. Pig iron production during the year amounted to 6 million tons, down 6.1% compared to 2022, and steel production amounted to 6.23 million tons (-0.6% y/y).

The domestic steel industry has increased or approached the levels of 2022, where the bulk of production was in pre-war January-February. Companies are gradually adapting to doing business, but limited logistics capabilities still have a negative impact on performance.

Exports of rolled steel products in 2023 amounted to 1.78 million tons, while in 2022 it was 2.47 million, and in 2021 – 8.34 million tons. Imports of the relevant products reached 1.18 million tons last year, 621.6 thousand tons in 2022, and 1.12 million tons in 2021.