Exclusive Ukrainian steelmakers cut exports of semi-finished products by 35% y/y in Q1

During the period, the bulk of production was exported to Bulgaria and Turkey

In January-March 2025, Ukrainian steelmakers reduced exports of semi-finished steel products by 34.8% compared to the same period in 2024, to 294.2 thousand tons. The figure fell by 17.4% quarter-on-quarter. This is according to GMK Center’s calculations based on the State Customs Service data.

The key export destinations for semi-finished products in Q1 were Bulgaria – 126.64 thousand tons, Turkey – 60.52 thousand tons, Poland – 25.48 thousand tons, and Egypt – 21.93 thousand tons. At the same time, deliveries to Egypt have not been made since January, and products were shipped to Poland for the first time in March.

In March of this year, Ukrainian steelmaking companies exported 93.51 thousand tons of semi-finished products, down 22.1% month-on-month and 7.5% more than in March 2024. Demand for the relevant products has decreased since the beginning of the year, as last year the average monthly export was 160 thsd tonnes, while in the first quarter of 2025 it was 98 thsd tonnes.

Last month, the company shipped 46.18 thsd tonnes of semi-finished products to Bulgaria (-18.4% m/m), 9.99 thsd tonnes to Turkey (-66.6% m/m), and 25.48 thsd tonnes to Poland. Thus, traditional consumers of the products significantly reduced imports of semi-finished products from Ukraine in March, while the new sales market – Poland – kept the overall exports from falling significantly.

Export revenues for the first quarter decreased by 37.4% yoy to $138.39 million, and in March, they fell by 1% yoy and 18.4% m/m to $45.66 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.