Ukraine reduced iron ore exports by 7% y/y in January-August

In January-August 2025, Ukraine’s mining industry reduced iron ore exports by 7% compared to the same period in 2024, to 21.7 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 11.32 million tons (+10.3% y/y). Slovakia received 3.13 million tons (-9.2% y/y), and Poland received 3.07 million tons (-12% y/y).

In August, Ukraine exported 2.53 million tons of raw materials, which is 15.8% less than in the previous month and 0.7% more than in August 2024. China received 1.34 million tons (-21.7% month-on-month; +34.4% year-on-year) of raw materials, Slovakia received 322,730 tons (-13.8% month-on-month; -21.3% y/y), and to Poland – 341.22 thousand tons (-15.5% m/m; -33.1% y/y).

Revenue from exports of mineral resources in August amounted to $173.14 million (-9.3% month-on-month; -14% year-on-year), and in January-August – $1.63 billion (-19.6% year-on-year).

As GMK Center reported earlier, Ukraine increased its iron ore exports by 89.9% in 2024 compared to 2023, to 33.699 million tons. 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, Yeristovo Mining, Northern Mining, Central Mining, Southern Mining, ArcelorMittal Kryvyi Rih, Sukha Balka, and Rudomine.