Ukraine reduced iron ore exports by 21.4% m/m in February

In February 2025, Ukraine’s mining industry reduced iron ore exports by 21.4% compared to the previous month to 2.46 million tons. The figure is down 3.3% compared to the same month in 2024. This is based on GMK Center’s calculations based on the State Customs Service data.

China is traditionally the largest consumer of Ukrainian iron ore. In February, shipments of raw materials to this destination decreased by 24.8% year-on-year to 1.29 million tons. The company exported 264.63 thousand tons of iron ore to Slovakia (-34.8% m/m) and 416.48 thousand tons (+4.3% m/m) to Poland.

In January-February, iron ore exports from Ukraine decreased by 1.2% compared to the same period in 2024 to 5.59 million tons. The company exported 3.02 million tons of raw materials to China, 815.95 thousand tons to Poland and 670.28 million tons to Slovakia.

Revenues from iron ore exports in February amounted to $202.34 million (-18.1% m/m; -21.2% y/y), and in January-February – $449.39 million (-18.7% y/y).

Ukraine’s exports of raw materials are declining, mainly due to lower demand from China. Steel production by Chinese steelmakers in the first two months of the year decreased by 1.5% y/y – to 166.3 million tons. At the same time, imports of iron ore fell more sharply, by 8.4% y/y – to 191.36 million tons. The Chinese steel industry continues to struggle with weak steel demand, massive trade restrictions and domestic production regulations. Future production prospects will directly affect the volume of imports of raw materials from Ukraine.

Iron ore prices fell by 3.3% to $101.5 per tonne CNF Qingdao in the first ten days of March. The decline in Chinese imports in January-February failed to support the price of ore on the main trading floors in Southeast Asia.

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.