Ukrainian steelmakers cut exports of semi-finished products by 25% y/y in January-April

In January-April 2025, Ukrainian steelmakers reduced exports of semi-finished steel products by 24.6% compared to the same period in 2024, to 440.04 thousand tons. This is according to GMK Center’s calculations based on the State Customs Service data.

The key export destinations for semi-finished products during the period were Bulgaria – 180.99 kt (-15.2% y/y), Turkey – 84.3 kt (0 kt in January-April 2024), Poland – 56.38 kt, and Egypt – 21.93 kt (0 kt in January-April 2024). At the same time, deliveries to Egypt have not been carried out since January, and products were shipped to Poland for the first time in March.

In April of this year, Ukrainian steel companies exported 145.83 thousand tons of semi-finished products, up 56% month-on-month and 10.4% compared to March 2024. The figure reached its highest level since September last year.

Over the past month, 54.35 thousand tons of semi-finished products were shipped to Bulgaria (+17.7% m/m), 23.78 thousand tons to Turkey (+138% m/m), and 30.9 thousand tons to Poland (+21.3% m/m).

Export revenues decreased by 25.3% y/y – to $215.29 million over 4 months, while in April they increased by 14.5% y/y and 68.5% m/m – to $76.9 million.

As GMK Center reported earlier, in 2024, Ukraine increased exports of semi-finished steel products by 56.7% compared to 2023, from 1.2 million tons to 1.89 million tons.

Export shipments increased due to the resumption of sea exports to distant markets, in particular to Egypt – 356.17 thousand tons (+1233% y/y). Bulgaria received 595.02 thsd tonnes of products (+30% y/y), and Turkey – 215.76 thsd tonnes. The main surge in exports occurred in the third quarter (641.9 thousand tons), which contributed to a significant increase in annual exports.

Ukrainian steelmakers’ export revenues increased by 52.4% – to $927.55 million over the year.