Ukraine’s revenues from iron ore exports declined by 10% in October

Iron ore export volumes fell 3.3%

In October 2021, Ukrainian mining & metals companies exported 3.67 million tons of iron ore, 3.3% down from October 2020. In monetary terms, iron ore exports declined by 9.7% to $371.1 million, according to the customs statistics.

In January–October 2021, Ukraine exported 36.71 million tons of iron ore, 4.6% down from the same period of 2020. In 10M, Ukraine’s mining companies increased revenues from iron ore exports by 90.2% to $6.32 billion compared to the same period of the previous year.

China remains the main consumer of Ukrainian iron ore. Its share in Ukraine’s exports totaled 43.2% in 10M. The Czech Republic ranked second (9.5%), followed by Poland (7.6%).

Interestingly, prices for iron ore are gradually going down. The price for iron ore in September–October 2021 decreased to $97–118 per ton on average, while May 2021 saw the record-breaking peak of $230 per ton. Moody’s expects a fall in global prices for iron ore to an average of $70–80 per ton, a usual level in 2016–2019.

As GMK Center reported earlier, in 2020, Ukraine increased iron ore export volumes by 16% to 46.3 million tons against 2019. Iron ore export revenues grew by 24.8% to $4.24 billion.

The key iron ore producers in Ukraine include: Ingulets GOK (Mining and Processing Plant), Kryvyi Rih Iron Ore Plant, Poltava Mining, Northern GOK, Central GOK, Southern GOK, ArcelorMittal Kryvyi Rih, Sukha Balka GOK and Zaporizhzhia Iron Ore Plant.