Ukraine Doubles Iron Ore Exports in April, Reaching 3.4 Million Tons

by Roman Cheplyk
Monday, May 13, 2024
Ukraine Doubles Iron Ore Exports in April, Reaching 3.4 Million Tons

In April 2024, Ukrainian mining companies exported 3.4 million tons of iron ore, marking a 2% increase from the previous month and doubling the figure from April 2023

This data comes from the State Customs Service. Despite the increase in export volumes, the revenue from these exports reached $265.23 million for the month, which is a 14.6% decrease from March but a 41.3% increase year-over-year.

The beginning of 2024 has seen a steady rise in the export of ferrous metals, supported by the opening of a sea export corridor for mining and metallurgical complex (MMC) cargoes. However, the minimal growth in April compared to the significant monthly increases from January to March (30-90%) suggests a potential saturation of market conditions or limitations in port capabilities. The decline in April's revenue, despite higher export volumes, points to deteriorating global market conditions and falling commodity prices.

From January to April 2024, Ukraine exported a total of 12.41 million tons of iron ore, which is 2.3 times the amount exported in the same period in 2023. The revenue from these exports also saw a significant increase, rising by 90.8% to $1.13 billion.

China was the largest market for these exports, purchasing 43% of the total volume in monetary terms, followed by Slovakia (16.3%) and Poland (13.7%). Since the onset of the full-scale war, this marks the first time China has been the leading destination for Ukrainian MMC products.

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