Ukraine: Iron Ore Market 2024

Iron Ore Market Size in Ukraine

In 2021, the Ukrainian iron ore market was finally on the rise to reach $X after two years of decline. Overall, consumption, however, showed a abrupt curtailment. Iron ore consumption peaked at $X in 2012; however, from 2013 to 2021, consumption failed to regain momentum.

Iron Ore Production in Ukraine

In value terms, iron ore production stood at $X in 2021 estimated in export price. Overall, production, however, recorded a noticeable contraction. The most prominent rate of growth was recorded in 2017 when the production volume increased by 32%. Iron ore production peaked at $X in 2012; however, from 2013 to 2021, production stood at a somewhat lower figure.

Iron Ore Exports

Exports from Ukraine

In 2021, shipments abroad of iron ores and concentrates decreased by -1.2% to X tons for the first time since 2018, thus ending a two-year rising trend. The total export volume increased at an average annual rate of +3.0% over the period from 2012 to 2021; the trend pattern remained consistent, with somewhat noticeable fluctuations throughout the analyzed period. The most prominent rate of growth was recorded in 2020 when exports increased by 16%. As a result, the exports reached the peak of X tons, and then declined slightly in the following year.

In value terms, iron ore exports surged to $X in 2021. Over the period under review, exports, however, continue to indicate a strong increase. As a result, the exports reached the peak and are likely to continue growth in the immediate term.

Exports by Country

China (X tons) was the main destination for iron ore exports from Ukraine, accounting for a 42% share of total exports. Moreover, iron ore exports to China exceeded the volume sent to the second major destination, the Czech Republic (X tons), fourfold. Poland (X tons) ranked third in terms of total exports with a 9.3% share.

From 2012 to 2021, the average annual growth rate of volume to China totaled +1.8%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Czech Republic (+1.5% per year) and Poland (-0.3% per year).

In value terms, China ($X) remains the key foreign market for iron ores and concentrates exports from Ukraine, comprising 43% of total exports. The second position in the ranking was taken by the Czech Republic ($X), with a 9.5% share of total exports. It was followed by Austria, with a 7.9% share.

From 2012 to 2021, the average annual rate of growth in terms of value to China totaled +8.5%. Exports to the other major destinations recorded the following average annual rates of exports growth: the Czech Republic (+5.8% per year) and Austria (+6.8% per year).

Export Prices by Country

The average iron ore export price stood at $X per ton in 2021, picking up by 63% against the previous year. Over the period under review, the export price saw a prominent expansion. As a result, the export price attained the peak level and is likely to continue growth in the immediate term.

Prices varied noticeably by country of destination: amid the top suppliers, the country with the highest price was Turkey ($X per ton), while the average price for exports to Hungary ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was recorded for supplies to Algeria (+28.5%), while the prices for the other major destinations experienced more modest paces of growth.

Iron Ore Imports

Imports into Ukraine

In 2021, purchases abroad of iron ores and concentrates was finally on the rise to reach X tons for the first time since 2014, thus ending a six-year declining trend. In general, imports, however, saw a precipitous contraction. Imports peaked at X tons in 2014; however, from 2015 to 2021, imports stood at a somewhat lower figure.

In value terms, iron ore imports skyrocketed to $X in 2021. Overall, imports, however, faced a sharp curtailment. Imports peaked at $X in 2013; however, from 2014 to 2021, imports remained at a lower figure.

Imports by Country

In 2021, Egypt (X tons) constituted the largest iron ore supplier to Ukraine, accounting for a 84% share of total imports. Moreover, iron ore imports from Egypt exceeded the figures recorded by the second-largest supplier, Poland (X tons), more than tenfold. The third position in this ranking was taken by the Netherlands (X tons), with a 3.7% share.

From 2012 to 2021, the average annual rate of growth in terms of volume from Egypt stood at +997.3%. The remaining supplying countries recorded the following average annual rates of imports growth: Poland (+15.9% per year) and the Netherlands (-2.4% per year).

In value terms, the largest iron ore suppliers to Ukraine were Egypt ($X), the Netherlands ($X) and Poland ($X), with a combined 76% share of total imports.

In terms of the main suppliers, Egypt, with a CAGR of +185.7%, recorded the highest rates of growth with regard to the value of imports, over the period under review, while purchases for the other leaders experienced mixed trend patterns.

Import Prices by Country

In 2021, the average iron ore import price amounted to $X per ton, reducing by -66.1% against the previous year. Over the period under review, the import price, however, enjoyed a mild expansion. The most prominent rate of growth was recorded in 2020 when the average import price increased by 195%. As a result, import price attained the peak level of $X per ton, and then declined significantly in the following year.

Prices varied noticeably by country of origin: amid the top importers, the country with the highest price was Russia ($X per ton), while the price for Egypt ($X per ton) was amongst the lowest.

From 2012 to 2021, the most notable rate of growth in terms of prices was attained by Russia (+36.9%), while the prices for the other major suppliers experienced mixed trend patterns.

Source: IndexBox Platform

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