Ukrainian steel products consumption decreased to 2.62 million tons in January-October

In January-October 2024, Ukraine reduced consumption of steel products (rolled and semi-finished products) by 9.9% compared to the same period in 2023, to 2.617 million tons. This is evidenced by the data of Ukrmetalurgprom.

Over 10 months, Ukraine imported 1.036 million tons of steel products, up 6.8% compared to January-October 2023. Imports account for 39.3% of the domestic rolled steel consumption market in the country. The share of the import component in domestic consumption of steel products increased by 6.83 percentage points yoy.

The structure of imports is characterized by a significant dominance of flat products over long products – 79.5% and 18.9%, respectively. In January-October 2023, the dominance of flat products over long products was also significant – 80.5% and 18.6%, respectively.

Over 10 months, Ukrainian steelmakers produced 5.26 million tons of rolled products, up 20.6% year-on-year. The company exported 3.68 million tons of steel products, up 53.5% y/y.

The domestic market received 1.58 million tons of rolled and semi-finished products, down 19.6% yoy. In January-October, Ukrainian steelmakers reduced shipments to the domestic market, with exports accounting for 69.9% of total output over 10 months, down from 54.9% a year ago.

The share of flat products in export shipments increased to 39.4% over 10 months, up from 37.1% a year earlier. The share of long products in exports decreased to 14.3% from 18.1%.

In January-October, the main export markets for Ukrainian rolled steel products were the European Union (70.1%), Africa (11.1%) and the rest of Europe (7.6%). Among steel importers, the first place is occupied by other European countries (49.6%), the second place is occupied by the EU (28.2%), and the third place is occupied by Asian countries (20.4%).

As GMK Center reported earlier, in 2023, Ukrainian steelmakers increased rolled steel production by 0.4% year-on-year – to 5.37 million tons. In December, Ukrainian steelmakers increased rolled steel production by 1.8% month-on-month and 4.7 times year-on-year – to 508 thousand tons.

Consumption of steel products in 2023 increased by 119.3% compared to 2022 to 3.506 million tons. Imports amounted to 1.12 million tons (+79.9% y/y), and exports amounted to 2.98 million tons (-31.7% y/y).