Ukrainian Mining Dips: Iron Ore Exports & Steel Sector Trends

Iron Ore
Iron OreImage Source: Oreaco


Ukraine faced a 26% reduction in iron ore exports, totaling 17.753 million metric tons in 2023. Foreign earnings plummeted by 39.3%, amounting to $1.767 billion. Major export destinations included Slovakia, Czech Republic, and Poland. Pig iron exports witnessed a 5.8% volume dip, with Poland, Spain, and the United States being key markets. Semi-finished carbon steel exports fell by 36.7%, mainly to Bulgaria and Poland. Ferroalloy exports decreased by 1.5%, primarily to Poland and Turkey. The steel sector's dynamics reveal a complex landscape with fluctuating volumes and values.


In the intricate tapestry of Ukraine's mining and steel sector, the year 2023 witnessed notable shifts, painting a picture of challenges and adaptations. Statistics from the State Customs Service illuminate the nuanced story of the nation's iron ore exports and the broader trends within the steel industry.

Ukrainian mining companies navigated a challenging terrain, experiencing a 26% contraction in iron ore product exports, amounting to 17.753 million metric tons in 2023. The economic reverberations were profound, with foreign currency earnings from these exports plummeting by 39.3%, reaching $1.767 billion. Slovakia, the Czech Republic, and Poland emerged as the primary recipients, collectively representing a significant share of shipments.

The pig iron sector faced a 5.8% reduction in volume and a 26.2% drop in value, totaling $471.467 million. Poland, Spain, and the United States remained pivotal markets. On the flip side, pig iron imports increased, underscoring a complex global trade landscape.

Exports of semi-finished carbon steel products experienced a substantial decline of 36.7% in volume and 48.9% in value, with Bulgaria, Poland, and Italy being major destinations. Import dynamics reflected a contrasting scenario, with 96 metric tons coming in, primarily from China and Turkey.

Ferroalloy exports weathered a modest 1.5% volume decrease but suffered a significant 47.2% dip in value, amounting to $297.595 million. Poland, Turkey, and the Netherlands were the primary markets, capturing over 75% of exports by value. Import trends revealed a 30.9% reduction in volume and a 41% drop in value, emphasizing the sector's intricate global interdependencies.


Ukraine's mining and steel sector witnessed a dynamic landscape in 2023, marked by a decline in iron ore exports, nuanced shifts in pig iron and semi-finished carbon steel dynamics, and fluctuations in ferroalloy trends. The intricate dance of volumes, values, and global trade partnerships underscores the sector's resilience and adaptability in the face of evolving economic landscapes.

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