February 18, 2024

In January 2024, Ukraine significantly increased iron ore exports compared to previous months.

According to customs statistics, in January 2024, the export of Ukrainian iron ore amounted to 3.1 million tons - almost twice as much as in December and three times higher vs. January 2023.

The January export is the largest monthly iron ore export figure since the start of the full-scale Russian invasion in February 2022.

A significant increase in exports became possible thanks to the operation of a new temporary export corridor from deep-sea Ukrainian ports starting in October 2023.

If compared to the figures before the full-scale invasion, in January 2022 iron ore exports were 3.85 million tons, so the current volume is already relatively close to the figures before the invasion.

In our opinion, Ukraine has the opportunity to exceed exports before a full-scale war, since iron ore is fully produced on the territory under Ukrainian control, and while domestic pig iron and steel output, which is a large consumer of iron ore, has unfortunately significantly decreased (largely due to the occupation of Mariupol). The main issue is the logistical capacity to increase iron ore deliveries to ports and its port transshipment.

In 2023, Ukraine exported 17.8 million tons of iron ore worth $1.8 billion.

In 2022, exports amounted to 24 million tons for $2.9 billion, in 2021 - 44 million tons for $6.9 billion.