Ukraine's Iron Ore Exports Decline 5.7% in Q1 2025

Iron Ore

Shipments to China, Slovakia, and Poland Lead Exports

Ukraine’s iron ore exports fell by 5.7% year-over-year (y/y) in Q1 2025 but showed a slight 0.5% increase quarter-over-quarter (q/q) to 8.49 million tons, according to GMK Center calculations based on State Customs Service data.

China remained the largest buyer, importing 4.57 million tons of Ukrainian iron ore. Slovakia and Poland followed with 1.162 million tons and 1.156 million tons, respectively.

In March, Ukraine exported 2.896 million tons of iron ore, reflecting a 17.6% increase month-over-month (m/m) but a 13.3% drop y/y. Of this, China received 1.55 million tons (+19.2% m/m), Slovakia 492,260 tons (+86% m/m), and Poland 340,250 tons (-18.3% m/m).

Revenues from iron ore exports in March totaled $238.4 million, marking a 17.8% m/m rise but a 23.2% y/y decline. Total export revenue for Q1 stood at $687.79 million, down 20.3% y/y.

Chinese spot prices for low-grade Fe 58 iron ore rose to $91 per ton CFR Qingdao by April 2, compared to $89 per ton on March 21. The price surge was driven by strong demand as Chinese steel mills postponed scheduled maintenance. Meanwhile, prices for high-grade Fe 65 ore remained stable at $117.04 per ton CFR, while Fe 62 ore was priced at $104 per ton CFR.

Ukraine’s Iron Ore Export Growth in 2024

In 2024, Ukraine’s iron ore exports surged by 89.9% y/y to 33.699 million tons, largely due to the reopening of the Black Sea shipping corridor in August 2023. Export revenues reached $2.8 billion, up 58.7% y/y.

Major Ukrainian iron ore producers include Ingulets Mining, Kryvyi Rih Iron Ore Enrichment Plant, Poltava Mining, Yeristovo Mining, Northern Mining, Central Mining, Southern Mining, ArcelorMittal Kryvyi Rih, Sukha Balka, and Rudomine.