 |
| Ukraines Iron Ore Exports |
Ukraine’s Iron Ore Export Trends and Key Destination Analysis
Ukraine’s iron ore exports decreased by 7% year-on-year (y/y) in the January-August 2025 period, totaling 21.7 million tons. This decline contrasts sharply with the 89.9% increase recorded in 2024, when exports surged to 33.7 million tons due to the maritime corridor reopening in August 2023. However, export volumes remain significant as Ukraine continues to supply key markets despite geopolitical and logistical challenges. According to data from the State Customs Service, China remains the dominant consumer, importing 11.32 million tons (+10.3% y/y), while Slovakia and Poland experienced declines of 9.2% and 12%, respectively.
Monthly Export Volume Fluctuations and Revenue Impact
In August 2025, Ukraine exported 2.53 million tons of iron ore, marking a 15.8% drop from July but a slight 0.7% increase from August 2024. China’s imports decreased sharply by 21.7% month-on-month (m/m) but grew 34.4% y/y to 1.34 million tons. Meanwhile, Slovakia and Poland recorded monthly decreases of 13.8% and 15.5%, respectively, with year-on-year drops of 21.3% and 33.1%. Consequently, export revenue declined to $173.14 million in August, down 9.3% m/m and 14% y/y, contributing to a 19.6% y/y revenue drop to $1.63 billion for the January-August period.
Key Producers and Market Outlook in Ukraine’s Iron Ore Sector
Major Ukrainian iron ore producers include Ingulets Mining, Kryvyi Rih ZRK, Poltava Mining, Yeristovo Mining, Northern Mining, Central Mining, Southern Mining, ArcelorMittal Kryvyi Rih, Sukha Balka, and Rudomine. These companies sustain the export volumes amid fluctuating demand from steelmakers in China, Slovakia, and Poland. However, as global economic uncertainties and raw material substitution trends continue, Ukraine’s iron ore market faces volatility. Policymakers and industry leaders must monitor supply chain shifts and geopolitical factors influencing trade flows to adapt strategies accordingly.
ScrapInsight Commentary
Ukraine’s iron ore export decline reflects shifting demand patterns amid geopolitical and economic uncertainties. Despite strong Chinese imports, weaker flows to Slovakia and Poland suggest regional market challenges. The reduced revenues highlight the need for strategic diversification and resilience in Ukraine’s raw material sector, reinforcing circular economy imperatives amid global trade volatility.
