In the first half of 2024, Ukraine's steel market demonstrated resilience and growth, recording a 7.7% year-on-year increase in steel product consumption, totaling 1.736 million metric tons. This growth underscores the sector's importance in Ukraine's industrial landscape and signals positive economic momentum amid global challenges.
Import dynamics reveal that Ukraine imported 592,400 metric tons of steel products, which accounted for 34.12% of its total demand. This data highlights Ukraine's reliance on international markets to supplement its domestic steel needs, reflecting strategic sourcing decisions amidst fluctuating global supply chains.
In terms of production, Ukraine saw a substantial 32.3% year-on-year rise, reaching 3.14 million metric tons of steel products. The majority of this production, amounting to 1.996 million metric tons (63.6%), was directed towards exports, showcasing Ukraine's role as a significant player in the global steel trade arena.
Analyzing export composition, semis constituted 45.4% of Ukraine's exports, maintaining a stable share compared to the previous year. Meanwhile, flat products accounted for 41.7%, marking a notable increase from 33.7%, while long products decreased to 12.9% from 20.5%. These figures underscore Ukraine's diversified export portfolio catering to varied global market demands.
Geographically, the European Union emerged as the largest market for Ukrainian steel exports in the first half of 2024, comprising 77.1% of total exports. Other European markets and Africa followed with 6.9% and 6.4% shares respectively, highlighting Ukraine's strategic export orientation towards European regions.
Conversely, Ukraine's import landscape reflected a preference for flat products, which constituted 80.1% of total imports, up from 78.9% in the previous period. Long products accounted for 18.3%, down from 20.1%. The primary import sources were other European countries (46.5%), the EU (31%), and Asia (20.5%), indicating Ukraine's diverse sourcing strategies to meet domestic demand gaps.
Looking back at 2023, Ukraine's steel market expanded significantly by 2.2-fold, reaching 3.506 million metric tons. Of this total, 31.9% (1.119 million metric tons) was imported, highlighting the sector's growth trajectory and its increasing integration into global steel supply chains.
