Ukraine’s pig iron exports fell to a 26-month low in February

In February 2025, Ukraine’s pig iron exports fell to their lowest level since December 2022, to 24.35 thousand tons. This is down 80.9% compared to February 2024 and 81.1% compared to January. This is according to GMK Center’s calculations based on the State Customs Service data.

The significant decline in shipments in February is the result of no exports to the US, while in January these volumes amounted to 115.35 thousand tons. At the same time, shipments to Italy resumed after a 4-month halt, reaching 19.99 thousand tons. Poland received 3.19 thsd tonnes (-28.9% m/m).

In January-February 2025, pig iron exports from Ukraine decreased by 43.3% compared to the same period in 2024 to 152.95 thousand tons. The company exported 115.35 thousand tons to the United States, 19.99 thousand tons to Italy, 7.67 thousand tons to Poland, and 4.97 thousand tons to the Netherlands.

Export revenue in February decreased by 81.4% y/y and 82.8% m/m – to $8.89 mln. For 2 months, revenue amounted to $60.47 million (-38.2% y/y).

In 2024, Ukraine increased exports of commercial pig iron by 3.4% compared to 2023, from 1.25 million tons to 1.29 million tons. At the same time, exports amounted to 1.32 million tons in 2022 and 3.23 million tons in 2021. Ukrainian metallurgists’ export revenue increased by 6.1% – to $500.34 million over the year.

Export destinations were diversified during the year. In particular, the United States became the main consumer of Ukrainian pig iron, mainly due to the resumption of maritime logistics for Ukrainian iron and steel cargo. At the same time, exports to the EU declined due to market stagnation. Thus, 940.21 thousand tons (+514% y/y) were shipped to the United States, 102.49 thousand tons (+617%) to Turkey, 93.28 thousand tons (+61.9%) to Italy, and 63.05 thousand tons (-90%) to Poland. In 2023, Poland consumed more than half of Ukraine’s pig iron exports (633.34 thousand tons), while in 2024 it was only 5%.