Ukraine reduced iron ore exports by 10% y/y in January-April

In January-April 2025, Ukraine’s mining industry reduced iron ore exports by 10.2% compared to the same period in 2024, to 11.15 million tons. This is according to GMK Center’s calculations based on data from the State Customs Service.

China has traditionally been the largest consumer of Ukrainian iron ore. During the period, shipments of raw materials to this destination amounted to 6.01 million tons (-2% y/y). Slovakia received 1.57 million tons (-15% y/y) and Poland 1.54 million tons (+3.4% y/y).

In April, Ukraine exported 2.654 million tons of iron ore, down 8.4% month-on-month and 22% by April 2024. During the month, 1.44 million tons (-7% m/m) of raw materials were exported to China, 405.24 thousand tons (-17.7% m/m) to Slovakia, and 383.86 thousand tons (+12.8% m/m) to Poland.

Revenues from the export of iron ore in April amounted to $205.2 mln (-13.9% m/m, -22.6% y/y), and in January-April – $892.99 mln (-20.9% y/y).

Spot quotations of Fe 62 iron ore in China in early May (from April 29 to May 5) decreased from $98.94/t to $97.76/t CFR Qingdao. Mining companies are forced to make concessions to buyers, and a rise to the psychological $100/t mark is unlikely in the near future.

The current dynamics of iron ore exports and prices indicate that Ukraine’s mining industry is under double pressure – both from external market factors and internal economic and administrative difficulties. Declining demand from key trading partners, volatile commodity prices, high logistics costs and tax distortions are making it difficult for companies that traditionally provide a significant share of foreign exchange earnings to the budget.

In the context of the war and the difficult external economic situation, government support for strategic industries, such as iron ore, should be a priority. Otherwise, the country risks losing one of the key sources of foreign exchange earnings and national currency stability.

As GMK Center reported earlier, in 2024, Ukraine increased iron ore exports by 89.9% compared to 2023, to 33.699 million tons. Shipments increased mainly due to the opening of the sea corridor in August 2023. Revenues from iron ore exports from Ukraine in 2024 amounted to $2.8 billion (+58.7% y/y).

The main producers of iron ore in Ukraine are Ingulets Mining, Kryvyi Rih Iron Ore Enrichment Plant, Poltava Mining, Yeristovo Mining, Northern Mining, Central Mining, Southern Mining, ArcelorMittal Kryvyi Rih, Sukha Balka, and Rudomine.