Ukraine reduced iron ore exports by 40.9% y/y in January-February

In January-February 2026, Ukraine’s mining industry reduced iron ore exports by 40.9% compared to the same period in 2025, to 3.31 million tons, the lowest level since 2023. 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 the period, shipments of raw materials in this direction amounted to 1.33 million tons (-56.1% y/y). Slovakia received 643,550 tons (-4% y/y), and Poland received 449,400 tons (-44.9% y/y).

In February, Ukraine exported 1.25 million tons of raw materials, which is 38.9% less than in the previous month and 49.1% less than in February 2025. February volumes are the lowest since February 2023. 470.77 thousand tons (+45% m/m; -63.7% y/y) of raw materials were sent to China, 340.6 thousand tons (+12.4% m/m; +28.7% y/y), and 167.01 thousand tons (-40.9% m/m; -59.9% y/y) to Poland.

Revenues from exports of raw materials in February amounted to $99.88 million (-37.7% m/m; -50.6% y/y), and in January-February – $260.13 million (-42.1% y/y).

The decline in iron ore exports from Ukraine in January-February 2026 was likely caused primarily by internal production constraints rather than external market conditions. A key factor was power supply disruptions following attacks on the power grid, which hampered the operation of mining and processing plants and led to temporary shutdowns and output restrictions. In particular, Ferrexpo was only able to resume production in early March after suspending operations in January, launching one pelletizing line.

In addition, shipments may have been affected by seasonal factors in China, where market activity remained weak in early February due to the holiday period and sluggish demand. At the same time, China’s total iron ore imports in January-February increased by 10% y/y.

As a reminder, at the end of 2025, Ukraine reduced its iron ore exports by 8% compared to 2024, to 30.99 million tons. China is traditionally the largest consumer of Ukrainian iron ore. During the period, shipments of raw materials in this direction amounted to 16.41 million tons (+8.7% y/y). Slovakia received 4.4 million tons (-11.4% y/y), and Poland received 4.17 million tons (-18.1% 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.