Ukraine’s iron ore exports have seen a slight decline in the first quarter of 2025. The mining industry exported 8.49 million tons of iron ore, which represents a 5.7% decrease compared to the same period in 2024. However, there was a 0.5% quarter-on-quarter increase in exports. The data was compiled by GMK Center, based on the State Customs Service’s statistics.
Key Destinations for Ukrainian Iron Ore Exports
China remains the largest consumer of Ukrainian iron ore. In Q1 2025, China imported 4.57 million tons of iron ore from Ukraine. Other notable destinations for Ukrainian iron ore include Slovakia and Poland, with shipments of 1.162 million tons and 1.156 million tons, respectively. These countries continue to be major consumers of Ukraine’s raw materials.
March Export Overview and Price Trends
In March 2025, iron ore exports totaled 2.896 million tons, showing a 17.6% increase from February. However, it was still 13.3% lower than March 2024. China continued to dominate with 1.55 million tons, an increase of 19.2% month-on-month. Shipments to Slovakia surged by 86% to 492,260 tons, while exports to Poland dropped by 18.3% to 340,250 tons.
Iron ore export revenues in March amounted to $238.4 million, up by 17.8% compared to February, but down by 23.2% year-on-year. In the first quarter, revenues totaled $687.79 million, a 20.3% decrease compared to the same period last year.
Impact of Global Market on Ukrainian Exports
As of April 2025, the price of low-grade Fe 58 iron ore rose to $91 per ton (CFR Qingdao), up from $89 per ton in March. This price hike was driven by strong demand in China as steel mills postponed scheduled maintenance. In contrast, prices for high-grade iron ore (Fe 65) remained stable at $117.04 per ton, while Fe 62 ore was priced at $104 per ton.
2024 Performance and Outlook for 2025
Ukraine’s iron ore exports surged by 89.9% in 2024, reaching 33.7 million tons, largely due to the opening of the sea corridor in August 2023. The revenue from exports in 2024 reached $2.8 billion, marking a significant 58.7% increase compared to 2023.
Leading Iron Ore Producers in Ukraine
The major producers of iron ore in Ukraine include Ingulets Mining, Kryvyi Rih Iron Ore Enrichment Plant, Poltava Mining, and others. These companies play a vital role in Ukraine’s iron ore industry, contributing significantly to the country’s export volumes.
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