Exclusive Ukraine reduced exports of semi-finished products by 35.5% y/y in January-October

During this period, most of the products were exported to Bulgaria, Turkey, and Poland

In January-October 2025, Ukrainian steel companies reduced exports of semi-finished steel products by 35.5% compared to the same period in 2024, to 1.08 million tons. This is evidenced by GMK Center calculations based on data from the State Customs Service.

The key export destinations for semi-finished products during the period were Bulgaria – 387,810 tons (-24.4% y-o-y), Turkey – 186.22 thousand tons (+3.8% y/y), Poland – 182.02 thousand tons, and Egypt – 99.26 thousand tons (-71.3% y/y).

In October, Ukrainian stee, companies exported 137.85 thousand tons of semi-finished products, which is 5.4% less than in the previous month and 4.4% less than in October 2024.

Last month, 43.1 thousand tons of semi-finished products were shipped to Bulgaria (+41.8% month-on-month; -14.7% y/y), Turkey – 20.86 thousand tons (-25.9% m/m; +0.2% y/y), Poland – 61.52 thousand tons (+357% m/m). Egypt did not import Ukrainian products in October.

Export revenue for 10 months decreased by 38% y/y to $512.96 million, and in October fell by 5% m/m and 9.5% y/y – to $62.72 million.

As GMK Center reported earlier, Ukraine increased its exports of semi-finished steel products by 56.7% in 2024 compared to 2023, from 1.2 million tons to 1.89 million tons.

Export shipments increased due to the resumption of maritime exports to distant markets, in particular to Egypt – 356,170 tons (+1,233% y-o-y). Bulgaria received 595,020 tons of products (+30% y/y), and Turkey received 215,760 tons. The main surge in exports occurred in the third quarter (641,900 tons), which contributed to a significant increase in annual export volumes. Ukrainian steelmakers’ export revenues for the year increased by 52.4% to $927.55 million.