Ukrainian steel product market shrank 25% in Jan-Feb, imports met 46% of demand

MOSCOW. March 21 (Interfax) - Ukraine's market for steel products shrank 25% year-on-year in January-February to 370,200 tonnes, Ukrainian media quoted the Ukrmetallurgprom association as saying in a press release.

Ukraine imported 171,200 tonnes of steel products or 46.2% of its demand, up from 26.4% a year previously, when the market was 494,300 tonnes.

Ukraine's steel product output rose 50% year-on-year to 900,000 tonnes, Ukrmetallurgprom said. The State Customs Service said 701,000 tonnes or 77.9% of this was exported, compared with 227,000 tonnes or 38.5% of the 590,000 tonnes produced in January-February 2023.

Semis accounted for 47.5% of this year's exports, compared with 47.6% a year previously, flat products for 38.7%, compared with 28.2%, and long products for 13.8% compared with 24.2%.

Flat products made up 85.1% of the imports, up from 78%, and long products 13.7%, down from 20.5%.

The State Customs Service said the main export markets in 2M 2024 were the EU with 80.6%, other Europe with 7.3% and Africa with 3.9%.

The imports came mostly from other Europe with 42.9%, the EU with 39.9% and Asia with 19.9%.

The steel product market in Ukraine grew 2.2-fold in 2023 to 3.506 million tonnes with 1.119 million tonnes or 31.9% of it imported.

Ukrainian steel product output grew 0.4% to 5.37 million tonnes in 2023, with 2.99 million tonnes or 55.6% exported.