US reduced imports of pig iron from Ukraine by 20.5% y/y in October

In October 2023, US steelmakers reduced imports of pig iron from Ukraine by 1.3% compared to the previous month, to 30.05 thousand tons. Raw material supplies fell by 20.5% compared to October 2022. This is evidenced by UN Comtrade data.

In January-September 2023, American steelmakers consumed 871.31 thousand tons of Ukrainian-made pig iron. This is 98.6% more than in the same period in 2022. At the same time, imports of pig iron from Ukraine to the United States decreased by 39% compared to pre-war 2021.

In general, since the beginning of 2023, there has been a sharp increase in Ukrainian pig iron exports to the United States, with shipments amounting to 116.9 thousand tons and 156 thousand tons in January and February, respectively. The figure also exceeded 100 thousand tons in May and July – 123.95 and 119.6 thousand tons, respectively. In September and October, shipments fell sharply to their lowest level since August 2022, when 23.4 kt of pig iron were imported.

In 2022, the average monthly shipments amounted to 45.85 thousand tons. In 2023, this figure was 87.13 thousand tons, while in 2021 it was 140.2 thousand tons.

In January-October 2023, Ukraine exported 1.11 million tons of pig iron, which is 3.2% less compared to the same period in 2022. In October, the indicator fell by 57.9% compared to the previous month and by 26.7% y/y – to 52.99 thousand tons.

Thus, the USA is the main consumer of pig iron from Ukraine. American consumers are shipped 78.5% of total exports, the EU accounts for 21.5%.

As GMK Center reported earlier, Ukraine in October 2023 increased pig iron production by 5.3% compared to September of the current year – up to 512,000 tons. In 10 months, steelmakers produced 4.91 million tons of pig iron, which is 15.5% less year-on-year.