Ukrainian steelmakers reduced foreign exchange earnings from ferrous metal exports by 7.6% in January–July 2026 compared to the same period last year, down to $1.678 billion, according to data from the State Customs Service.
In January–July 2025, ferrous metal exports brought Ukraine $1.816 billion.
The share of ferrous metals in the country’s total merchandise exports also declined—to 6.95% from 7.79% a year earlier, or by 0.84 percentage points.
At the same time, imports of ferrous metals into Ukraine continued to grow. Over the seven-month period, they increased by 7.2%—to $1.023 billion.
Thus, in 2026, the Ukrainian metallurgical industry faced both a decline in export revenue and increased competition from imported products.
By comparison: at the end of 2025, Ukraine, on the contrary, increased its export revenue from ferrous metals by 7.85%—to $3.339 billion—following a 16.9% increase in 2024.
Source: State Customs Service of Ukraine, data for January–July 2026.
In January–July of this year, Ukrainian companies increased their consumption of rolled metal by 0.27% compared to the same period last year, reaching 2.309 million metric tons.
According to a press release issued by the “Ukrmetallurgprom” association on Friday, 1.063 million metric tons were imported during this period, accounting for 46.06% of the domestic rolled steel consumption market.
According to “Ukrmetallurgprom,” in January–July 2026, Ukrainian steel companies produced 3.322 million metric tons of rolled steel (91.7% of the figure for the same period in 2025), of which, according to the State Customs Service of Ukraine, approximately 2.076 million metric tons—or 62.5%—were exported. In January–July 2025, the share of exports was
60.2% (2.182 million metric tons out of a total rolled steel production of 3.622 million metric tons).
The share of semi-finished products in export shipments in January–July 2026 was 42.58%, which is significantly higher than the figure for the first seven months of 2025 (32.58%). The share of flat-rolled products in exports from January through July 2026 was slightly lower than in January through July 2025 (43.74% and 44.55%, respectively). The share of long products, however, is noticeably lower than in January–July 2025 (13.68% in 2026 versus 22.87% in 2025).
The structure of imports in January–July 2026 is characterized by a marked dominance of flat-rolled products over structural steel (66.59% and 26.94%, respectively); however, in January–July 2025, the dominance of flat-rolled products over long products was significantly greater (74.77% and 20.19%, respectively).
“In January–July 2026, the domestic market capacity was 2.309 million metric tons of rolled steel, of which 1.063 million metric tons, or 46.06%, consisted of imports. In January–July 2025, the domestic market capacity was 2,302,700 metric tons, of which 862,700 metric tons, or 37.46%, were imported. “Thus, in January–July 2026, the domestic market capacity increased by 0.27% compared to January–July 2025, with a simultaneous 8.58% rise in the share of imports,” the press release states.
According to the State Customs Service, the main export markets for Ukrainian rolled metal in January–July of this year were the European Union (81.9%), the rest of Europe (9.6%), and the CIS (6.5%).
Among steel importers for the first seven months of 2026, other European countries ranked first (49.8%), followed by Asian countries (25.5%), and EU-27 countries (16.0%).
As previously reported, Ukraine’s rolled metal market grew by 21.73% in 2025 compared to 2024, reaching 4 million 1.6 thousand metric tons. Imports totaled 1 million 603.6 thousand metric tons, accounting for 40.07% of domestic rolled metal consumption.
Ukraine’s rolled metal market in 2024 contracted by 6.26% compared to the previous year—to 3,288.4 thousand metric tons, while in 2023 it grew 2.19 times compared to 2022—to 3,505.6 thousand metric tons.
Ukraine’s revenue from ferrous metal exports in July 2026 totaled $199.9 million, down approximately 31.9% from June’s $293.6 million, according to the Experts Club Information and Analytical Center.
This calculation is based on data from the State Customs Service of Ukraine.
The July dynamics significantly worsened the industry’s results for the seven-month period. Overall, in January–July, foreign currency revenue from exports of ferrous metals decreased by 7.6% year-on-year to $1.678 billion.
At the same time, Ukraine imported $176.4 million worth of ferrous metals in July. Thus, the monthly gap between exports and imports of these products narrowed to approximately $23.5 million.
Exports of metal products generated another $71.4 million in July, while imports of these products amounted to $106.3 million. Consequently, imports of metal products directly exceeded exports by almost $35 million in July.
In total, exports of ferrous metals and metal products amounted to approximately $271.3 million in July, while imports reached around $282.6 million.
Thus, if these two groups are considered together, Ukraine effectively recorded a small negative trade balance of approximately $11 million in July, although the balance for the entire seven-month period remains positive so far.
For comparison, in 2025 Ukraine received $3.339 billion from exports of ferrous metals and $916.2 million from exports of metal products.
The sharp decline in July requires further monitoring: data for a single month alone do not yet make it possible to determine whether this marks the beginning of a sustained deterioration in export conditions or a short-term fluctuation in supplies.
Ukraine’s trade surplus in ferrous metals and products made from them in January–July 2026 fell by approximately 40% compared to the same period last year—to approximately $465 million.
The calculation is based on data from the State Customs Service of Ukraine.
Over the first seven months, Ukraine exported $1.678 billion worth of ferrous metals and an additional $507.5 million worth of metal products. Total export revenue for these two groups amounted to approximately $2.185 billion.
At the same time, imports of ferrous metals reached $1.023 billion, while imports of ferrous metal products amounted to $697.6 million. Thus, total imports amounted to approximately $1.720 billion.
The difference between exports and imports narrowed to approximately $465 million.
For comparison: based on the annual trends published by the State Customs Service, in January–July 2025, total exports of these two commodity groups amounted to approximately $2.385 billion, imports to approximately $1.612 billion, and the trade surplus to approximately $773 million.
Thus, the annual trade surplus decreased by approximately $308 million, or nearly 40%.
The main reason for this decline is the opposing trends in export and import flows. Total exports of ferrous metals and metal products over the seven-month period decreased by approximately 8.4%, while imports of these goods increased by approximately 6.7%.
The imbalance is particularly noticeable in the metal products segment: exports here totaled $507.5 million, while imports amounted to $697.6 million, resulting in a trade deficit of about $190 million.
Ferrous metals are currently offsetting this deficit: their exports exceed imports by approximately $655 million. However, at the same time, foreign exchange proceeds from their exports fell by 7.6%, while imports rose by 7.2%.
This trend indicates a noticeable decrease in the positive contribution of metallurgical products to Ukraine’s foreign trade balance in 2026.
Pokrovsky Mining and Processing Plant (Pokrovsky GOK, Dnipropetrovsk region) plans to increase manganese concentrate production 3.44-fold in 2026 compared with the previous year, to 220,000 tonnes.
In 2025, the enterprise produced 63,900 tonnes of manganese concentrate worth UAH 342.138 million and sold 25,400 tonnes of products for UAH 216.309 million.
The plans for a sharp increase in output coincide with a significant recovery in Ukrainian exports of manganese raw materials. In January–July 2026, Ukraine exported 24,647 tonnes of manganese ores, more than eight times the figure for the same period of 2025 and already exceeding the volume of supplies for the whole of last year.
Foreign currency revenue from exports reached $4.227 million over the seven months, compared with $491,000 a year earlier. Slovakia and Georgia became the main markets.
The Pokrovsky and Marganets mining and processing plants, which are part of the Privat Group, stopped mining and processing raw manganese ore in late October and early November 2023 amid military and energy risks for the industry.
In 2024, both enterprises produced virtually no marketable products. For comparison, in 2023, Pokrovsky GOK produced 160,310 tonnes of manganese concentrate, while Marganets GOK was already idle at that time.
Simultaneously with the shutdown of the mining and processing plants, the main consumers of manganese raw materials—the Nikopol and Zaporizhia ferroalloy plants—also suspended production. In the summer of 2024, the ferroalloy enterprises began resuming output.
In 2026, Ukraine is also once again increasing imports of manganese ore. Over the seven months, approximately 10,900 tonnes were imported, almost entirely from Ghana, whereas no supplies were recorded during the same period a year earlier.
Thus, the current dynamics indicate a gradual recovery of the entire manganese industry chain—from mining and concentrate production to foreign trade and the consumption of raw materials by ferroalloy enterprises.
Pokrovsky GOK and Marganets GOK are Ukraine’s main enterprises engaged in the mining and processing of manganese ore. Manganese concentrate is used primarily to produce ferroalloys required by the metallurgical industry.
In January–July 2026, Ukrainian steelmakers saw their foreign exchange revenue from ferrous metal exports decline by 7.6% compared to the same period last year—to $1.678 billion from $1.816 billion.
This is according to data from the State Customs Service of Ukraine.
The share of ferrous metals in Ukraine’s total merchandise export revenue over the first seven months fell to 6.95% from 7.79% in January–July 2025, or by 0.84 percentage points.
Thus, metallurgical products continue to account for a significant portion of Ukraine’s merchandise exports, but their share is shrinking amid a decline in the sector’s foreign exchange earnings.
At the same time, imports of ferrous metals into Ukraine continued to grow. In January–July, they increased by 7.2% to $1.023 billion.
Despite the contrasting trends in exports and imports, Ukraine maintained a positive trade balance in ferrous metals of approximately $655 million over the seven-month period.
The situation with fabricated metal products deteriorated separately. Exports of these products fell by 10.8% to $507.5 million, while imports rose by 6% to $697.6 million. As a result, the foreign trade deficit in fabricated metal products stood at about $190 million.
By comparison, at the end of 2025, export revenue from ferrous metals rose by 7.85% to $3.339 billion, and their share of total merchandise exports reached 8.25%. In 2024, exports of ferrous metals increased by another 16.9%—to $3.096 billion.
Thus, after two years of growth in the metallurgical sector’s export revenues, the trend reversed in 2026: revenues are declining, while imports of ferrous metals and metal products continue to rise.
