The USA has become the main destination for Ukrainian pig iron exports

In March 2024, Ukrainian metallurgical companies reduced pig iron exports by 27.6% compared to the previous month to 92.43 thousand tonnes, according to SteelRadar data from the State Customs Service. Compared to the same period in 2023, this figure decreased by 32.7%.

In March, revenues from pig iron exports totalled $36.05 million, down 24.8% compared to February and 31.5% compared to March last year.

Revenue from the USA increased from 13.1% to 80.6 %

Ukrainian steelmakers reduced exports of pig iron by 19.4% yoy to 362.23 thousand tonnes in January-March 2024. Export revenue decreased by the same percentage to $ 133.97 million. The US accounted for 80.6 % of this revenue, Italy 9.2 % and Poland 4.9 %.

In 2023, the largest consumer of Ukrainian pig iron was Poland.

In 2023, 51.9% of export revenues from pig iron came from Poland, 21.4% from Spain and 13.1% from the USA.

Due to the war, the Ukrainian pig iron market in 2023 also operated under difficulties in logistics and unfavourable conditions in the world markets. Metinvest Group, the largest pig iron producers in the country, operates at 65-75% capacity, while ArcelorMittal Kryvyi Rih operates at 20-30% capacity. The companies are also unable to increase their capacity due to the insufficient operation of the ports.