Ukraine’s revenues from ore exports jumped 22% in September

In September 2021, Ukrainian mining & metals companies exported 3.27 million tons of iron ore, 17.7% down from September 2020. In monetary terms, iron ore exports rose by 22.1% to $473 million, according to the customs statistics.

In January–September, Ukraine exported 33.03 million tons of iron ore, 4.8% down from the same period of 2020. In 9M, Ukraine’s mining companies doubled their revenues from iron ore exports to $5.95 billion y-o-y.

China remains the main consumer of Ukrainian iron ore. Its share in Ukraine’s exports totaled 44% in 9M. The Czech Republic ranked second (9.54%), followed by Austria (7.52%).

Interestingly, prices for iron ore are going down. The price for iron ore in September 2021 decreased to $110–115 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 exports by 16% to 46.3 million tons against 2019. In monetary terms, iron ore exports 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.