March 24, 2024

In total, since the beginning of 2024, Ukrainian exports of iron ore amounted to 5.7 million tons, 2.6 times more than last year.

According to customs statistics, in February 2024, the export of Ukrainian iron ore amounted to 2.5 million tons, which is less than in the previous month (3.1 million tons), but twice as much as in February 2023.

As a reminder, January exports were the largest one-month iron ore export volume since the start of the full-scale Russian invasion in February 2022, so the February figure is the second largest in two years.

In total, in the first two months of 2024, the export of ore from Ukraine amounted to 5.7 million tons for $553 million.

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

If compared with the figures before the full-scale invasion, in January 2022 iron ore exports amounted to 3.85 million tons, so Ukraine has the opportunity to further increase its export volume further in Y2024.

The main risk for Ukrainian producers and exporters of iron ore (apart from military risks) is the possibility of a further decrease in global ore prices. It should be noted that since the beginning of the year and on March 20, the main world price index for ore with an iron content of 63.5% on the basis of CFR China decreased from $144 per 1 ton to $108.5.

The current level of prices still satisfies Ukrainian producers, but their profitability will decrease compared to previous months.

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

In 2022, exports amounted to 24 million tons with the total value of $2.9 billion, in 2021 - 44 million tons for $6.9 billion.