Ukrainian steel industry increased iron ore exports by 28% m/m in November

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In November 2023, Ukrainian mining companies increased iron ore exports by 27.7% compared to October 2023, to 1.96 million tons. In monetary terms, iron ore exports increased by 6.2% m/m – to $155.14 million over the month. This is evidenced by the data of the State Customs Service.

Compared to November 2022, iron ore exports increased by 2.5 times in November 2023, while export revenues increased by 2.1 times. Thus, export shipments of iron ore rose to the highest level since May 2022, when the Ukrainian iron and steel industry exported 2.28 million tons of iron ore.

In January-November 2023, domestic mining companies exported 16.14 million tons of iron ore worth $1.62 billion. Shipments decreased by 30.5% compared to January-November 2022, while revenue decreased by 42.8% y/y.

Slovakia consumed the most Ukrainian iron ore in January-November 2023 – 28.7%. Poland came in second with 20.2%, and the Czech Republic was third with 20.2%. Before the war in Ukraine started, China was the main consumer of Ukrainian iron ore, but the blockade of Ukrainian ports made it uncompetitive to deliver raw materials to China.

At the same time, a temporary corridor to and from the ports of Greater Odesa was launched in August this year. On November, 14 vessels exported a total of 620 thousand tons of iron ore and 140 thousand tons of steel products from Odesa and Pivdennyi ports.

In October, the Ukrainian steelmaker exported approximately 507 kt of iron ore (four bulk carriers from Pivdennyi) and 213.5 kt of steel products (two vessels from Odesa) through the ports of Greater Odesa.

As GMK Center reported earlier, in 2022, Ukraine reduced iron ore exports by 45.9% compared to 2021, to 23.98 million tons. In monetary terms, the figure fell by 57.8% yoy 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.