Overview of Ukraine's 2024 Iron Ore and Pellet Exports
According to Dr. Alexander Siryk, the CEO of Metals Consulting International based in Dusseldorf, Germany, in 2024, Ukraine’s iron ore and pellet exports showed a dramatic recovery, with total shipments surpassing 33 million metric tons, nearly doubling from 2023. This remarkable increase was driven by various factors, including market demand from global partners, notably China, and the subsequent rebound in exports post-May, after a brief slump earlier in the year.
While there was an initial decline in exports starting in May, the market revived in the second half, especially after September, as the global economy regained momentum. This resulted in Ukrainian exports reaching maximum annual levels by the end of the year, marking a significant milestone for the country's mining and metallurgy sectors.
Iron Ore Exports: A Major Growth Driver
Ukraine's iron ore exports were the leading contributor to the year-on-year growth, experiencing an exceptional surge. The country’s iron ore exports more than doubled in 2024, accounting for the largest share of the increase in overall export volumes. As one of the world’s top producers of iron ore, Ukraine has long been a crucial supplier to the global steel industry, and this spike in exports highlights the continued global demand for high-quality iron ore.
Pellet Exports: Significant Year-on-Year Growth
In addition to iron ore, Ukraine also saw a notable rise in its pellet exports, which increased by 43% compared to the previous year. Pellets, which are iron ore processed into small balls for more efficient use in steel production, have become an important product in the global market. The growth in pellet exports is an indication of Ukraine's ability to adapt its production to meet the evolving demands of international customers.
Key Market Contributions
A significant portion of Ukraine’s iron ore and pellet exports was directed toward the Chinese market, which has long been a major consumer of raw materials for its vast steel industry. China's growing demand for iron ore in particular played a pivotal role in Ukraine’s export growth in 2024.
In addition to China, other countries across Europe and Turkey also showed increasing demand for Ukrainian raw materials. Key markets such as Poland, Slovakia, Austria, Germany, and Italy saw considerable increases in intake, helping further boost Ukraine's export numbers. The country’s ability to diversify its export destinations helped mitigate fluctuations in specific regions and ensured that demand remained strong across multiple fronts.
