Iron ore

During January-February, Ukraine shipped 232,000 tons of heavy metals to Turkish consumers compared to 30,000 tons a year ago

In January-February 2024, Ukrainian mining companies exported 231.8 thousand tons of iron ore to Turkey, up from 30 thousand tons in the same period in 2023. Thus, Ukraine is resuming its leading position among iron ore exporters to Turkey. This is evidenced by data from the Turkish Statistical Institute (TUIK), SteelOrbis reports.

At the end of February, Ukrainian producers exported 156.63 thousand tons of iron ore to Turkey, while in February 2023, no raw materials were shipped.

In 2 months, Turkey imported 1.68 million tons of iron ore, up 40.4% compared to the same period in 2023. Import costs increased by 68.4% y/y – to USD 230.24 million. In February, Turkish consumers increased iron ore imports by 58.3% m/m and 160% y/y – to 1.03 million tons.

The main source of ore imports is Brazil – 928.05 thousand tons (+19.3% y/y). South Africa ranks second with 343.87 thousand tons (40 tons in January-February 2023), and Ukraine is third. These three countries account for 89% of Turkey’s raw material imports, including 55% from Brazil, 20% from South Africa, and 14% from Ukraine.

In January-February, Canada shipped 77.7 thousand tons of iron ore to Turkish consumers, Russia – 66.08 thousand tons (+17.5% y/y), and Uzbekistan – 29.75 thousand tons.

In 2023, Turkey reduced imports of iron ore from Ukraine by 1% compared to 2022, to 582 kt. The total volume of iron ore imports to the country in the period under review fell by 4% y/y – to 9.58 million tons. This decline corresponds to a drop in steel production by local steelmakers – by 4% y/y, to 33.7 million tons.