In 2024, Ukrainian mining companies boosted their iron ore exports by 89.9% compared to 2023, reaching a total of 33.699 million tons, primarily due to the reopening of the maritime route in August 2023.
Reports indicate that prior to the war, Ukraine shipped approximately 40% of its iron ore to China. However, with the onset of the war and the closure of ports, Ukraine lost access to this market. Reestablishing exports to China is essential for sustaining Ukraine’s iron ore market amid the ongoing conflict.
In December 2024, Ukraine's iron ore exports hit 3.449 million tons, marking the highest level since February 2022. Ukraine’s revenue from iron ore exports also reached $2.8 billion in 2024, reflecting a 58.7% increase compared to the previous year.
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