Ukraine reduced iron ore exports by 33.9% y/y in Q1

In January–March 2026, Ukraine’s mining industry reduced iron ore exports by 33.9% compared to the same period in 2025, down to 5.61 million tons. Compared to the previous quarter, shipments decreased by 18.1%. This is evidenced by calculations from the GMK Center 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 totaled 2.56 million tons (-43.9% year-on-year). Slovakia received 966,820 tons (-16.8% y/y), and Poland received 751,570 tons (-35% y/y).

In March, Ukraine exported 2.3 million tons of iron ore, which is 83.4% more than in the previous month and 20.6% less compared to March 2025. 1.23 million tons (+162.5% m/m; -20.1% y/y) of raw materials were shipped to China, 323,260 tons (-5.1% m/m; -34.3% y/y), and 302,170 tons to Poland (+80.9% m/m; -11.2% y/y).

Revenue from raw material exports in March amounted to $177.29 million (+77.5% m/m; -25.6% y/y), and for January–March – $437.42 million (-36.4% y/y; -16.7% q/q).

As a reminder, in 2025, Ukraine had reduced its iron ore exports by 8% compared to 2024, down to 30.99 million tons. China has traditionally been the largest consumer of Ukrainian iron ore. During the reporting period, shipments of raw materials to this destination totaled 16.41 million tons (+8.7% y/y). Shipments to Slovakia amounted to 4.4 million tons (-11.4% y/y), and to Poland – 4.17 million tons (-18.1% y/y).

The main producers of iron ore in Ukraine are Ingulets Mining and Processing Plant, Kryvyi Rih Mining and Processing Plant, Poltava Mining and Processing Plant, Yeristove Mining and Processing Plant, Northern Mining and Processing Plant, Central Mining and Processing Plant, Southern Mining and Processing Plant, ArcelorMittal Kryvyi Rih, Sukha Balka, and Rudomain.