Ukraine increased revenue from ferrous steel exports by 46.3% y/y in January-February

In January-February 2024, Ukraine’s steel enterprises increased revenues from ferrous metal exports by 46.3% year-on-year – to $522.52 million. This is according to the State Customs Service, Interfax-Ukraine reports.

Ferrous metals accounted for 7.67% of total revenues from exports of goods over two months, compared to 5.53% in January-February 2023.

In February 2024, revenues from exports of ferrous metals amounted to $248.44 million (-9.4% mom).

At the same time, in January-February this year, Ukraine increased imports of similar products by 35.6% year-on-year – to $221.53 million. In February, products worth $112.114 million were imported.

In addition, in January-February, Ukraine increased its exports of steel products by 3.7% y/y – to $152.38 million ($88.056 million in February), while imports of these products increased by 33.4% y/y – to $144.77 million ($72.123 million worth of these products were imported in February).

In 2023, Ukraine exported 1.78 million tons of rolled steel products, up from 2.47 million in 2022 and 8.34 million tons in 2021. 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.

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).