In February 2025, Ukraine's iron ore exports dropped by 21.4% compared to the previous month, totaling 2.46 million tons. This also marked a 3.3% decline compared to February 2024. The decrease was largely driven by reduced demand from China, the largest consumer of Ukrainian iron ore, with shipments to China falling by 24.8% year-on-year to 1.29 million tons. Exports to Slovakia also declined by 34.8% month-on-month, while Poland saw a slight increase of 4.3%.
Export revenues in February reached $202.34 million, reflecting an 18.1% decrease from the previous month and a 21.2% year-on-year decline. Over the first two months of 2025, total export revenue amounted to $449.39 million, an 18.7% drop compared to the same period in 2024. The downturn in demand from China is attributed to challenges in its steel industry, including a 1.5% year-on-year decrease in steel production and an 8.4% reduction in iron ore imports. Additionally, the price of iron ore fell by 3.3% to $101.5 per tonne CNF Qingdao in early March.
Despite these challenges, Ukrainian iron ore producers are working to adapt to shifting global market dynamics.
