Shipments increased 94% compared to December and 3.4 times compared to January 2023
In January 2024, Ukrainian mining companies increased iron ore exports by 93.9% compared to the previous month – to 3.11 million tons. The number increased 3.4 times compared to January 2023. This is evidenced by data from the State Customs.
Revenues of Ukrainian steel companies from iron ore exports in January this year amounted to $295.99 million, an increase of 2.1 times m/m and 2.7 times annually.
The majority of raw materials were sent to China, representing 48.05% of total exports in monetary terms. Another 13.6% went to Slovakia and 10.5% to Poland.
For the first time since the start of the full-scale war, China became the main export destination for Ukrainian steel companies. This was facilitated by the opening of the maritime corridor in August 2023. Since then, more than 23 million tons of cargo have been exported via this route. Although grain cargoes are preferred, steel products represent the second largest share of total exports through the maritime corridor.
According to Compraço, in August-December 2023, at least 46 ships left the ports of Odesa and Pivdennyi with cargoes of steel and mining products, including 17 bulk carriers with 2.6 million tons of iron ore and 29 ships with 653 thousand tons of steel products.
As previously reported by Compraço, in 2023, Ukraine reduced iron ore exports by 26% compared to 2022, to 17.75 million tons. Exports of raw materials decreased by 60% compared to 2021 before the war. Revenues of Ukrainian steel companies from iron ore exports decreased by 39.4% year on year – to 1.77 billion dollars.
The main 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.
