Ukraine reduced iron ore exports by 4.4% y/y in January-September

In January-September 2025, Ukraine’s mining industry reduced iron ore exports by 4.4% compared to the same period in 2024, to 24.14 million tons. This is according to GMK Center’s calculations based on data from the State Customs Service.

China is traditionally the largest consumer of Ukrainian iron ore. During the period, shipments of raw materials to this destination amounted to 12.86 million tons (+19% y/y). Slovakia received 3.34 million tons (-10.8% y/y) and Poland 3.34 million tons (-13.8% y/y).

In September, Ukraine exported 2.46 million tons of iron ore, down 2.7% month-on-month, and 27.6% more than in September 2024. The company shipped 1.53 million tons (+14.3% m/m, +183% y/y) of raw materials to China, 204.76 thousand tons (-38.5% m/m, -29.7% y/y) to Slovakia, and 268.61 thousand tons (-21.3% m/m, -29.8% yoy) to Poland.

In the third quarter, iron ore exports amounted to 8.01 million tons, up 4.7% year-on-year and 15.5% quarter-on-quarter.

Revenues from iron ore exports in September amounted to $179.38 million (+3.6% m/m; +26% y/y), and in January-September – $1.81 billion (-16.7% y/y). In the third quarter, the figure decreased by 5.1% y//y and 6.6% q/q – to $543.42 million.

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 GOK, Kryvyi Rih Iron Ore Enrichment Plant, Poltava Mining, Yeristovo Mining, Northern Mining, Central Mining, Southern Mining, ArcelorMittal Kryvyi Rih, Sukha Balka, and Rudomine.