Exclusive Ukraine reduced iron ore exports by 4.9% y/y in January-November

The bulk of raw materials was sent to China, Slovakia, and Poland

In January-November 2025, Ukraine’s mining industry reduced iron ore exports by 4.9% compared to the same period in 2024, to 28.77 million tons. This is evidenced by GMK Center calculations based on data from the State Customs Service.

China is traditionally the largest consumer of Ukrainian iron ore. During this period, shipments of raw materials in this direction amounted to 15.29 million tons (+17.3% y/y). Slovakia received 4.08 million tons (-8.3% y/y), and Poland received 3.91 million tons (-16.7% y/y).

In November, Ukraine exported 2.21 million tons of raw materials, which is 8.7% less than in the previous month and 10.2% less than in November 2024. 1.29 million tons (+12.4% m/m; +26% y/y), to Slovakia – 366.19 thousand tons (-2.9% m/m; -5.2% y/y), and to Poland – 171.28 thousand tons (-57% m/m; -58.1% y/y).

Revenues from exports of raw materials in November amounted to $169.18 million (-13% m/m; -10.1% y/y), and in January-November – $2.18 billion (-14% y/y).

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

The main producers of iron ore raw materials in Ukraine are Ingulets Mining, Kryvyi Rih ZRK, Poltava Mining, Yeristovsky Mining, Northern Mining, Central Mining, Southern Mining, ArcelorMittal Kryvyi Rih, Sukha Balka, and Rudomain.