14 January 2024

In 2023, Ukrainian exports of iron ore comprised almost 18 million tons for a total amount of $1.8 billion.

According to customs statistics, in December the export of Ukrainian iron ore amounted to 1.6 million tons, compared to almost 2 million tons in the previous month (which was the highest value since the beginning of the year) and 1.4 million on average during the first ten months of 2023.

It can be concluded that the opening of ore export through deep-sea Ukrainian ports has not yet contributed to a significant increase in export volumes. Rather, according to our estimates, there has been a redistribution of the export flow in the direction of deep-sea ports in comparison with alternative routes.

An important factor affecting exports - Ferrexpo significantly reduced pellet production and exports in the fourth quarter, planning to start exporting products via deep-sea ports only from January 2024.

On the other hand, according to our estimates, the largest Ukrainian ore producer - Metinvest increased the shipment of products to export markets (which led to an increase in the total volume of the iron ore exports from Ukraine in the fourth quarter by 20% q-o-q).

We expect an increase in iron ore production by Metinvest in the last quarter of 2023 (data for previous periods is provided here).

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

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.

We would like to remind you that the main part of ore in Ukraine is mined in Kryvyi Rih (Metinvest group enterprises and Arcelor Mittal metallurgical plant), as well as Ferrexpo in Poltava region (our analysis of the company's financial report is at the link).