Ukraine reduced pig iron exports by 7.6% y/y in May

In May 2024, Ukrainian steelmaking companies reduced pig iron exports by 7.6% compared to May 2023, to 89.16 thousand tons. The figure increased by 60.1% compared to April. This is evidenced by data from the State Customs Service.

Revenues of domestic steelmaking companies from pig iron exports amounted to $34.56 million for the month, down 15.2% compared to May last year and 64% more than in the previous month.

In January-May 2024, Ukrainian steelmakers reduced pig iron exports by 19.6% compared to the same period in 2023, to 507.11 thousand tons. Export revenue fell by 22.3% y/y – to $189.6 million.

The bulk of the products were exported to the United States – 78.6% in monetary terms. Another 6.5% of pig iron was exported to Italy and 5.8% – to Poland. Thus, since the beginning of 2024, the United States has been the top destination for pig iron exports from Ukraine for the first time since the start of the full-scale invasion.

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%.

Last year, Ukrainian steelmakers continued to operate amid limited logistics capabilities and unfavorable global market conditions. The main pig iron producers in Ukraine, Metinvest Group companies (Kametstal and Zaporizhstal) and ArcelorMittal Kryvyi Rih, operated at capacity utilization rates of 65-75% and 20-30%, respectively.