Compared to the same period last year, the volume of exports increased 2.1 times to 23.32 million tons. This increase is considered an indicator of a significant recovery in the country's iron ore exports.
Ukraine's iron ore shipments in August amounted to 2.51 million tons, an increase of 1.1% compared to July and a 64.6% growth compared to August 2023. This slight rebound in August, following a decrease in July, sends a positive signal that exports are likely to increase further for the rest of the year.
The biggest driver of this recovery is the reopening of maritime export corridors in early 2024. In particular, China has become the largest customer of iron ore exports from Ukraine. In January-August, 10.3 million tons of iron ore were sent to China, and in August alone it amounted to 997.7 thousand tons. In the European markets, countries such as Poland and Slovakia were among Ukraine's leading export destinations. During this period, 3.49 million tons of iron ore were exported to Poland, while 3.45 million tons were shipped to Slovakia.
The increase in exports was also reflected in Ukraine's revenues in this area. In January-August 2024, revenues from iron ore exports increased by 72.1% compared to the previous year, reaching USD 2.03 billion. However, despite this positive outlook, export volumes are expected to decrease by 15% in the second half of the year due to logistical challenges, energy supply and weakness in global demand. This is expected to reduce the country's revenues from iron ore exports by USD 250 million.
Ukraine's major iron ore producers include giant companies such as Ingulets Mining, Kryvyi Rih Beneficiation Plant and ArcelorMittal Kryvyi Rih. These companies play an important role in the country's iron ore exports, despite facing global demand fluctuations and logistical challenges.
For the rest of the year, developments in this sector will continue to be closely monitored in terms of global market dynamics and economic conditions inside Ukraine.
Comments
No comment yet.