Ukraine reduced iron ore exports by 9.2% m/m in January

In January 2025, Ukrainian mining companies reduced iron ore exports by 9.2% compared to December 2024, to 3.13 million tons. Shipments increased by 0.5% compared to the same month of the previous year. This is according to GMK Center’s calculations based on data from the State Customs Service.

The key export destinations for Ukrainian iron ore remain China – 1.72 million tons (-16.1% compared to December 2024), Slovakia – 405.65 thousand tons (-21.7% m/m), and Poland – 399.46 thousand tons (+1.1% m/m).

Revenues from iron ore exports in January decreased by 9.5% m/m and 16.5% y/y – to $247.04 million, which indicates a decline in prices on the iron ore market, especially compared to January 2024.

In early 2025, the global iron ore market showed significant fluctuations due to a number of economic and geopolitical factors. In January, iron ore prices declined due to investor disappointment over China’s lack of incentives and rising raw material stocks in the country. In particular, iron ore futures hit a seven-week low on the Dalian Exchange, reflecting concerns about demand from Chinese steelmakers.

In 2024, Ukraine increased its 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 Mining, Kryvyi Rih Iron Ore Plant, Poltava Mining, Yeristovo Mining, Northern Mining, Central Mining, Southern Mining, ArcelorMittal Kryvyi Rih, Sukha Balka, and Rudomine.