Ukraine reduced pig iron exports by 4.2% m/m in October

In January-October, the shipments abroad fell by 12.6% y/y

In October 2024, Ukrainian steelmaking companies reduced exports of commercial pig iron by 4.2% compared to the previous month to 109.4 thousand tons. The figure increased by 106.5% compared to the same month in 2023. This is evidenced by the data of the State Customs Service.

There was a multidirectional trend among key consumers in October. In particular, exports to the US increased by 26.3% m/m – to 94.36 thsd tonnes, and to Poland by 5% m/m – to 9.22 thsd tonnes. At the same time, Italy and Turkey did not import, which affected the total volume of Ukrainian pig iron exports for the month.

In January-October of this year, pig iron shipments abroad amounted to 973.01 thousand tons, which is 12.6% less than in the same period in 2023. During this period, 670.26 thousand tons of the relevant products were shipped to the United States, 72.46 thousand tons to Turkey, 93.28 thousand tons to Italy, and 56.17 thousand tons to Poland.

Revenue from pig iron exports in January-October 2024 decreased by 11.6% compared to the same period in 2023 – to $374.33 million. In October, it amounted to $42.91 million, up 145.9% y/y and 4.6% m/m.

As GMK Center reported earlier, in 2023, Ukraine reduced pig iron exports by 5.8% compared to 2022, to 1.25 million tons. Compared to the pre-war year of 2021, pig iron shipments abroad decreased by 61.4%, or 1.99 million tons. Export revenues of domestic enterprises decreased by 26.2% y/y – to $471.5 million.

Poland was the largest consumer of Ukrainian pig iron in 2023, accounting for 51.9% in monetary terms. Spain accounted for 21.4% of export shipments and the United States for 13.1%.