Ukrainian steel product market shrank 25% in Q1, imports met 41% of demand

MOSCOW. April 16 (Interfax) - Ukraine's market for steel products shrank 27.3% year-on-year in January-March to 610,400 tonnes, Ukrainian media quoted the Ukrmetallurgprom association as saying in a press release.

Ukraine imported 250,400 tonnes of steel products or 41% of its demand.

Ukraine's steel product output rose 35.5% year-on-year to 1.389 million tonnes, Ukrmetallurgprom said. The State Customs Service said 1.029 million tonnes or 74.1% of this was exported, compared with 393,000 tonnes or 38.5% of the 1.025 million tonnes produced in January-March 2023.

Semis accounted for 45% of this year's exports, compared with 43.3% a year previously, flat products for 40.7%, compared with 31.3%, and long products for 14.3% compared with 25.45%.

The State Customs Service said the main export markets in Q1 2024 were the EU with 80.6%, other Europe with 7.3% and Africa with 3.9%.

Flat products made up 83.15% of the imports, up from 80.7%, and long products 15.2%, down from 18%.

The imports came mostly from other Europe with 42.9%, the EU with 39.9% and Asia with 16.9%.

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.