Ukraine saw a 26.1% y/y fall in iron ore exports in January–May

In January–May 2026, Ukraine’s mining sector saw iron ore exports fall by 26.1 per cent compared with the same period in 2025, to 10.01 million tonnes. This is according to calculations by the GMK Centre based on data from the State Customs Service.

China has traditionally been the largest consumer of Ukrainian iron ore. During the period, shipments of raw materials to this destination totalled 5.1 million tonnes (-27.7% year-on-year). 1.58 million tonnes (-21% year-on-year) were shipped to Slovakia, and 1.19 million tonnes (-38.4% year-on-year) to Poland.

In May, Ukraine exported 2.24 million tonnes of iron ore, which is 3.5% more than in the previous month and 6.6% less than in May 2025. 1.37 million tonnes (+18.1% month-on-month; +30.8% y/y) of raw materials were shipped to China, 286.2 thousand tonnes (-11.2% m/m; –32.9% y/y), and 207.27 thousand tonnes (-9.6% m/m; -46.5% y/y) to Poland.

Revenue from raw material exports in May amounted to $153.95 million (-12.3% month-on-month; -14.9% year-on-year), and for January–May – $766.95 million (-28.6% year-on-year).

As a reminder, at the end of 2025, Ukraine reduced its iron ore exports by 8% compared with 2024 – to 30.99 million tonnes. China has traditionally been the largest importer of Ukrainian iron ore. During the period, shipments of raw materials to this destination totalled 16.41 million tonnes (+8.7% year-on-year). 4.4 million tonnes (-11.4% year-on-year) were shipped to Slovakia, and 4.17 million tonnes (-18.1% year-on-year) to Poland.

The main producers of iron ore in Ukraine are Ingulets Mining and Processing Plant, Kryvyi Rih Iron Ore Mining and Processing Plant, Poltava Mining and Processing Plant, Yeristove Mining and Processing Plant, Northern Mining and Processing Plant, Central Mining and Processing Plant, Southern Mining and Processing Plant, ArcelorMittal Kryvyi Rih, Sukha Balka and Rudomain.