10 December 2023

Resumption of iron ore export through Black Sea ports helps to increase the total volume of shipments.

According to customs statistics, in November the export of Ukrainian iron ore amounted to almost 2 million tons, which is the highest value since the beginning of the year.

In total, during January-November 2023, Ukraine exported 16.1 million tons of iron ore worth $1.6 billion.

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

If the Black Sea deep-sea ports continue to operate, we expect further growth in Ukrainian ore supplies to international markets.

In 2022, the export of iron ore from Ukraine amounted to 24 million tons for $2.9 billion, in 2021 - 44 million tons for $6.9 billion.

As a reminder the main part of iron ore in Ukraine is mined in Kryvyi Rih (by Metinvest group enterprises and the Arcelor Mittal metallurgical plant), as well as by the Ferrexpo group in the Poltava region (our analysis of the company's financial report is at the link).