9 November 2023

During January-October 2023 Ukrainian iron ore export made 14.2 mln tons for more than $1.4 bln.

According to the State Customs Service, in October, Ukraine exported 1,537 million tons of iron ore worth $146 million. Export proceeds were almost the same as in the previous few months, and the volume of exports in natural terms was relatively stable as well.

In October 2022, the export of iron ore amounted to 1.070 million tons for $103 million, so in October'23 y-o-y increase in natural terms made 44%.

The monthly dynamics of iron ore exports from Ukraine and the average price during 2023 are shown in the graph below:

In total, in the first ten months of 2023, Ukrainian iron ore exports amounted to 14.2 million tons. This is 37% less than in January-October 2022.

With the opening of a new temporary export corridor from Ukrainian deep sea ports during September-October, in case of its relatively stable operations going forward (even with smaller volumes vs. pre-invasion ones), we can expect that iron ore exports from Ukraine can gradually increase.