Ukraine’s steel exports declined by 66.4% y-o-y to 5.48 million tonnes (mnt) over January-October, 2022. The same fell by 63.9% y-o-y to $4.15 billion in monetary terms. The drop can be attributed to the inaccessibility of ports in the aftermath of the Russian invasion, according to the data compiled by GMK center.
Exports of pig iron dropped by 56.5% to 1.15 mnt, scrap metal by 92.5% to 37,800 t, semi-finished products by 70.3% to 1.73 mnt, and rolled steel by 66.6% to 2.26 mnt y-o-y in this period.
The share of ferrous metal exports in semi-finished products was 31.6%, steel raw materials (pig iron, ferro alloys, scrap) 27.1% and rolled steel 41.3%.
Revenues of steel mills had increased by 34.8% to $2.04 billion y-o-y in the first two months of the current year. Subsequent to the Russian invasion, exports dropped steeply over issues like blockade of ports and other logistical barriers, as well as the destruction of manufacturing plants in Mariupol – Azovstal and the Ilyich Iron and Steel Works.
Currently, Ukrainian steel manufacturers are actively looking for fresh opportunities to export products, but shipments can be made mainly to Europe.
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