In the first half of the year, mining companies of Ukraine shipped 8.32 million tons of ferrous metals to foreign consumers

In June 2023, Ukrainian mining companies reduced iron ore exports by 2.9% compared to May 2023 – to 1.48 million tons. In monetary terms, iron ore exports for the month decreased by 10.7% m/m – to $143.7 million. This is evidenced by the State Customs Service’s data.

In comparison with June 2022, in June 2023, the export of iron ore decreased by 15.8%, and the revenue from exports decreased by 43.1%. Shipments of iron ore are decreasing amid unfavorable conditions in the EU market. In particular, weak demand for steel forces steelmakers to reduce capacity, which reduces iron ore consumption.

During January-June 2023, domestic mining companies shipped 8.32 million tons of iron ore worth $896.15 million for export. Shipment volumes decreased by 51.1% compared to the first half of 2022, and revenue – by 58.5% y/y.

In January-June 2023, Slovakia consumed the most Ukrainian iron ore – 29.94%. The Czech Republic is in the second place with 24.7%, and Poland is in the third place with 19.6%. At the same time, before the start of the war in Ukraine, the main consumer of Ukrainian iron ore was China, but due to the blockade of Ukrainian ports, the delivery of raw materials to the People’s Republic of China became uncompetitive.

As GMK Center reported earlier, in 2022 Ukraine reduced the export of ferrous metals by 45.9% compared to 2021 – to 23.98 million tons. In monetary terms, the indicator fell by 57.8% y/y – to $2.91 billion.

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