Ferrexpo plc, a mining company with its main assets in Ukraine, produced 2,169,631 tons of pellets in January-June this year, which is 34.2% less than in January-June last year (3,297,441 tons).
According to the company’s press release on Monday, total production of commercial products (pellets and iron ore concentrate) in the first half of 2025 decreased by 9% compared to the first half of 2024, to 3 million 393,135 thousand tons. In particular, the output of marketable concentrate amounted to 1 million 223.504 thousand tons against 429.865 thousand tons, respectively. The company also produced 81,787 thousand tons of DR pellets (in the first half of 2024 – 162,645 thousand tons) and 2 million 87,844 thousand tons of premium pellets (a decrease of 33.4%).
The press release notes that from January to April 2025, the amount of VAT refunds denied amounted to $31 million. Due to the current suspension of VAT refunds and the associated decline in financial liquidity, the group was forced to reduce production from two to one pelletizing line and also to reduce the production of high-quality concentrate. As a result, total commercial production for the second quarter amounted to 1.3 million tons, down 40% from 2.1 million tons in the first quarter.
However, the group demonstrated flexibility and agility by continuing to benefit from strong demand for its concentrate from customers in China, which accounted for more than a third of its product mix in the first two quarters of 2025, the statement said.
Among other things, it has made efforts to reduce its costs in order to remain financially viable. This includes reducing working hours for employees, cutting purchases of goods and services, and suspending all non-essential capital expenditures, overhead costs, and corporate social responsibility expenses.
Commenting on the group’s performance, interim CEO Lucio Genovese noted that the strong momentum at the beginning of the year, which reflects, in particular, increased quarterly production since the full-scale invasion in February 2022, was significantly limited in the second quarter as the company began to feel the impact of tax authorities’ decisions to suspend VAT refunds. As a result, production fell to 1.3 million tons in Q2 2025.
“Despite the weaker iron ore pellet market, we were able to significantly change our production portfolio and take advantage of strong demand in China for our high-quality low-alumina iron ore concentrates. During the first six months of 2025, concentrate sales accounted for 36% of our production portfolio, three times more than in the same period a year ago. In a challenging operating and market environment for iron ore, it is encouraging that we have been able to be so flexible and take advantage of the demand for high-quality concentrates,” said the top manager.
At the same time, he pointed out that lower iron ore prices and reduced production had a negative impact on profitability. The situation was exacerbated by higher prices for raw materials such as gas and electricity. During the second quarter, the group worked hard to reduce its costs in order to remain financially viable.
“This includes reducing working hours or leave for approximately 37% of employees, reducing purchases of goods and services, and suspending all non-essential capital expenditures, CSR, and humanitarian expenditures. At the same time, every effort is being made and measures are being taken with the relevant authorities and government agencies in Ukraine and internationally to try to resolve the issue of the suspension of VAT refunds,” Genovese added.
As reported, Ferrexpo produced 1 million 347,749 thousand tons of pellets in Q1-2025, which is 26% lower than in January-March last year (1 million 813,973 thousand tons). At the same time, total production of commercial products (pellets and iron ore concentrate) in Q1 2025 increased by 3% compared to Q1 2024, to 2 million 125.467 thousand tons. In particular, the output of marketable concentrate amounted to 777,718 thousand tons, compared to 240,516 thousand tons in Q1-2024. The company also produced 81,879 thousand tons of DR pellets (not produced in Q1-2024), 1 million 105.049 thousand tons of premium-grade pellets (a decrease of 36%) and 160.913 thousand tons of other pellets (an increase of 95%).
In 2024, Ferrexpo increased its production of pellets by 58% compared to 2023, to 6 million 70.541 thousand tons from 3 million 845.325 thousand tons. In the fourth quarter of 2024, it produced 1 million 503.373 thousand tons of pellets, which is 18% higher than in the previous quarter (1 million 269.727 thousand tons).
At the same time, total production of marketable products (pellets and iron ore concentrate) in 2024 increased by 66% compared to 2023, to 6 million 889.879 thousand tons from 4 million 152.028 thousand tons. In particular, the output of marketable concentrate reached 819,338 thousand tons compared to 306,703 thousand tons in 2023. The company also produced 489,720 thousand tons of DR pellets, 4 million 984,990 thousand tons of premium pellets, and 595,831 thousand tons of other pellets.
In 2023, Ferrexpo produced 3.845 million tons of pellets, which is 36.5% less than in 2022.
Ferrexpo owns 100% of Yeristovsky GOK LLC, 99.9% of Bilanivsky GOK LLC, and 100% of Poltavsky GOK PJSC.
Zaporizhkox, one of Ukraine’s largest producers of coke and chemical products and part of the Metinvest Group, reduced its production of blast furnace coke by 4.9% in January–May this year compared with the same period last year, to 357,800 tons from 362,700 tons.
According to the company, 76,000 tons of coke were produced in May, compared to 72,060 tons in the previous month.
As reported, Zaporizhkox increased its production of blast furnace coke by 2.1% in 2024 compared to 2023, to 874,700 tons from 856,800 tons.
In 2023, Zaporizhkox increased its production of blast furnace coke by 16% compared to 2022, to 856,800 tons from 737,400 tons.
Zaporizhkox produces about 10% of the coke produced in Ukraine and has a complete technological cycle for the processing of coke-chemical products. In addition, it produces coke oven gas and petroleum coke.
Metinvest is a vertically integrated mining group of companies. Its main shareholders are the SCM Group (71.24%) and Smart Holding (23.76%), which jointly manage the company.
Metinvest Holding LLC is the managing company of the Metinvest Group.
In March 2025, dairy farms of all categories of producers produced 556 thousand tons of raw milk, which is 117 thousand tons or 27% more than in February 2025, but 20 thousand tons or 4% less than in March 2024, according to the Association of Milk Producers (AMP).
The industry association noted that the volume of milk yield in Ukraine in January-March 2025 amounted to 1.44 million tons, which is 53 thousand tons (-4%) less than last year. In March 2025, the share of enterprises in the production of raw milk amounted to 49%, and households – 51%.
According to the report, in March 2025, enterprises produced 272 thousand tons of raw milk, which is 33 thousand tons more (+14%) compared to February 2025 and 16 thousand tons more (+6%) compared to March 2024. In January-March 2025, MTFs produced 771 thousand tons of raw milk, which is 37 thousand tons (+5%) more than in the previous year.
In March 2025, milk yields in private households amounted to 284 thousand tons, which is 84 thousand tons more (+42%) than in February 2025, but 37 thousand tons less (-11%) than in March 2024. In January-March 2025, the private sector produced 676 thousand tons of raw milk, which is 90 thousand tons (-12%) less than in the previous year.
AVM analyst Giorgi Kukhaleishvili emphasized that in the first quarter of 2025, the number of regions where MTFs increased their production of raw milk increased. Khmelnytsky, Ternopil and Zhytomyr regions are among the new leaders in terms of production. However, the increase in milk yields in the industrial sector is not entirely beneficial for the dairy industry amid the unstable situation on the finished dairy products market, the global dairy market, and the unstable dynamics of purchase prices.
“The volume of dairy production in Ukraine is currently outstripping the volume of its sales. The domestic market is experiencing a decline in demand for dairy products amid intensified rocket and bomb attacks by the Russian occupiers on cities with a population of over a million people and the outflow of their residents abroad. At the same time, dairy processing enterprises are striving to help restore demand for dairy products from the population through discounts and promotional offers in retail chains,” the business association explained.
Further increase in cheese imports is also a threat to the development of the industry, at the current rate of imports, by the end of 2025 the share of imported cheese in the Ukrainian market may reach 80%, which will force domestic cheese factories to stop their work and the situation with a surplus of milk may worsen.
The EBA emphasized that the potential threat of foot-and-mouth disease, which has been reported in Hungary and Slovakia, is a challenge for the Ukrainian dairy industry.
“The spread of the disease creates risks of increased culling of infected livestock and the introduction of quarantine restrictions on farms, a ban on the export of dairy products from Ukraine,” the industry association summarized.
Refined copper production in the world in 2025 will increase by about 2.9% to 28.9 million tons, according to the International Copper Study Group (ICSG).
This will be driven by the expansion of production capacity in China and the launch of new facilities in other countries, primarily in Indonesia, India and the Democratic Republic of Congo (DRC).
In 2026, copper production is expected to grow by 1.5% to over 30.8 million tons.
Demand for copper this year is expected to increase by 2.4% to 28 million tons. “Given the uncertainty surrounding international trade policy, which is likely to weaken the global economic outlook and negatively impact copper demand, the growth rate estimate has been revised downward from the group’s September forecast, which assumed a 2.7% increase,” the report said.
In 2026, global copper consumption may increase by 1.8% to about 28.5 million tons.
At the same time, demand in China is projected to grow by about 2% in 2025 and 0.8% next year, according to experts.
In 2024, the world recorded a copper surplus of 138 thousand tons. This year, the surplus of the metal on the global market is expected to be about 289 thousand tons, and in 2026 – 209 thousand tons.
When making forecasts, ICSG understands that the situation on the global market can change under the influence of numerous factors, the report says.
The International Copper Study Group, established in 1992, is an intergovernmental organization that serves as a vehicle for international discussion and cooperation on copper-related issues. The ICSG is the only multilateral institution dealing with copper production, consumption and trade. The group consists of 25 countries, including the European Union, Kazakhstan and Russia.
Primary nickel production in the world will increase by 5.9% to 3.735 million tons in 2025, according to the International Nickel Study Group (INSG).
In 2024, it increased by 11.1% to 3.526 million tons.
These estimates do not take into account the possibility of any disruptions in the operation of enterprises, INSG said in a statement.
Indonesia is expected to continue to increase production of various types of nickel products, including nickel pig iron (NPI). In China, nickel production is forecast to grow this year due to higher output of cathode nickel and nickel sulfate, while NPI production is expected to decline further.
In other countries, mainly due to problems with profitability, a number of production facilities have been mothballed, reduced output or are considering one of these options in the future, INSG said.
Growth in the use of nickel in batteries for electric vehicles was weaker than expected, in particular due to competition from other types of batteries (mainly lithium-iron-phosphate), the organization’s analysts say.
Global consumption of primary nickel is expected to increase by 5.7% this year to reach 3.537 million tons. Last year, it increased by 4.8% to 3.347 million tons.
Thus, the global nickel market will remain in surplus. The surplus of the metal in 2023 amounted to 170 thousand tons, in 2024 – 179 thousand tons, and by the end of 2025, production will exceed demand by 198 thousand tons, according to INSG.
INSG is an independent intergovernmental organization founded in 1990 and based in Lisbon, Portugal. The members of the group are nickel producing and consuming countries: Australia, Brazil, Cuba, France, Germany, Finland, France, Germany, Italy, Japan, Norway, Portugal, Russia, Sweden, Sweden, the United Kingdom, and the European Union.
In March 2025, Ukrainian steelmakers reduced steel production by 9.9% compared to the same period in 2024, to 551 thousand tons from 611 thousand tons, and by 3.7% compared to the previous month, when 572 thousand tons were produced.
In the ranking of global producers of these products compiled by the World Steel Association (Worldsteel), Ukraine ranked 24th among 69 countries.
According to Worldsteel, in March 2025, half of the top ten countries, except for China, India, Japan, Brazil, and Iran, recorded a decline in steel production compared to March 2024.
The top ten steel producing countries in March are as follows: China – 92.840 million tons (+4.6% compared to March 2014), India – 13.789 million tons (+7%), Japan – 7.207 million tons (+0.2%), the United States – 6.712 million tons (-1.5%), and the Russian Federation – 6.2 million tons (-3.2%), South Korea – 5.008 million tons (-5.3%), Iran – 3.332 million tons (+3.7%), Turkey – 3.130 million tons (-2.8%), Germany – 3.1 million tons (-11.7%) and Brazil – 2.944 million tons (+6.6%).
Overall, in March this year, steel production increased by 2.9% year-on-year to 166.123 million tons.
The top ten steel-producing countries for the first three months of this year are as follows: China – 259.330 million tons (+0.6% compared to January-March 2024), India – 40.123 million tons (+6.8%), Japan – 20.393 million tons (-4.9%), the United States – 19.726 million tons (-0.6%), and the Russian Federation – 17.740 million tons (-3.8%), South Korea – 15.543 million tons (-3.6%), Turkey – 9.257 million tons (-3.4%), Germany – 8.482 million tons (-12.6%), Brazil – 8.477 million tons (+2.8%) and Iran – 7.290 million tons (-12.8%).
In the first quarter of this year, Ukrainian steelmakers increased steel production by 2.7% compared to the same period in 2024, up to 1.733 million tons from 1.687 million tons, ranking the country 23rd.
In January-March 2025, global steel production decreased by 0.4% compared to the same period in 2024 to 468.613 million tons.
As reported, in 2024, the top ten steel producing countries among 71 countries were as follows: China – 1 billion 5.090 million tons (-1.7%), India – 149.587 million tons (+6.3%), Japan – 84.009 million tons (-3.4%), the United States – 79.452 million tons (-2.4%), the Russian Federation – 70.690 million tons (-7%), South Korea – 63, 531 million tons (-4.7%), Germany – 37.234 million tons (+5.2%), Turkey – 36.893 million tons (+9.4%), Brazil – 33.741 million tons (+5.3%) and Iran – 30.952 million tons (+0.8%).
In total, 71 countries produced 1 billion 839.449 million tons of steel last year, which is 0.9% less than in 2023.
At the same time, Ukraine produced 7.575 million tons of steel in 2024, up 21.6% from 6.228 million tons in 2023. The country was ranked 20th in 2024.
In 2023, China produced 1 billion 19.080 million tons (at the level of the previous year), India – 140.171 million tons (+11.8%), Japan – 86.996 million tons (-2.5%), the United States – 80.664 million tons (+0.2%), the Russian Federation – 75, 8 million tons (+5.6%), South Korea – 66.676 million tons (+1.3%), Germany – 35.438 million tons (-3.9%), Turkey – 33.714 million tons (-4%), Brazil – 31.869 million tons (-6.5%) and Iran – 31.139 million tons (+1.8%). In total, 71 countries produced 1 billion 849.734 million tons of steel in 2023, which is 0.1% less than in 2022.
At the same time, Ukraine produced 6.228 million tons of steel in 2023, which is 0.6% lower than in 2022. The country was ranked 22nd in 2023.
In 2022, the top ten steel-producing countries were as follows: China – 1.013 billion tons (-2.1%), India – 124.720 million tons (+5.5%), Japan – 89.235 million tons (-7.4%), the United States – 80.715 million tons (-5.9%), the Russian Federation – 71.5 million tons (-7.2%), South Korea – 65, 865 million tons (-6.5%), Germany – 36.849 million tons (-8.4%), Turkey – 35.134 million tons (-12.9%), Brazil – 33.972 million tons (-5.8%), and Iran – 30.593 million tons (+8%).
Ukraine ranked 23rd in 2022 with 6.263 million tons of steel produced (-70.7%).
In total, 64 countries produced 1 billion 831.467 million tons of steel in 2022, which is 4.3% less than in 2021.
