Ukraine's iron ore exports decreased by 8% in May 2024

In May 2024, Ukrainian mining companies reduced iron ore exports by 8% compared to the previous month to 3.13 million tonnes. However, exports doubled compared to May 2023. Revenue from exports in May totalled $238.62 million, down 10% from April, but up 48.2% from last May.

Since the beginning of 2024, Ukraine has been actively increasing exports of iron ore, thanks to the opening of the sea export corridor for cargoes of the Mining and Metallurgical Complex. However, in May the volume of exports decreased by 8%, which may indicate deteriorating market conditions and falling raw material prices.

Export revenue in January-May 2024 amounted to $1.37 billion, up 81.7% compared to the same period in 2023. The main export market was China, which accounted for 40.5 % of the total on a cash basis, while Slovakia accounted for 15.6 % and Poland 14.9 %.