Ukraine reduced semi-finished exports by 30.5% y/y in January-November

In January-November 2025, Ukrainian steel companies reduced exports of semi-finished steel products by 30.5% compared to the same period in 2024, to 1.22 million tons. This is evidenced by GMK Center calculations based on data from the State Customs Service.

The main destinations for semi-finished products exports during this period were Bulgaria – 426,640 tons (-21.5% y/y), Turkey – 205.66 thousand tons (+0% y/y), Poland – 249.42 thousand tons, and Egypt – 99.26 thousand tons (-71.3% y/y).

In November, Ukrainian metallurgical companies exported 145.81 thousand tons of semi-finished products, which is 5.8% more than in the previous month and 62.4% more than in November 2024.

Last month, 38.82 thousand tons of semi-finished products were shipped to Bulgaria (-9.9% month-on-month; +27.8% year-on-year), Turkey – 19.44 thousand tons (-6.8% month-on-month; -26.3% y/y), and 67.4 thousand tons to Poland (+9.6% m/m). Egypt did not import Ukrainian products in October.

Export revenue for 11 months decreased by 33.2% y/y – to $581.09 million, and in November increased by 8.6% m/m and 60.7% y/y – to $68.13 million.

As reported by GMK Center, Ukraine increased its exports of semi-finished steel products by 56.7% in 2024 compared to 2023, from 1.2 million tons to 1.89 million tons.

Export shipments increased due to the resumption of maritime exports to distant markets, in particular to Egypt – 356,170 tons (+1,233% y-o-y). Bulgaria received 595,020 tons of products (+30% y/y), and Turkey received 215,760 tons.

The main surge in exports occurred in the third quarter (641,900 tons), which contributed to a significant increase in annual export volumes. Ukrainian steelmakers’ export revenues for the year increased by 52.4% – to $927.55 million.