The Russian army and the European Union did not allow Ukrainian iron ore to leave: exports — by a third

Exports of iron ore from Ukraine fell by almost a third in the first four months of 2026. Expensive electricity has made mining expensive at low world prices, and carbon duties The EU and the Russian army's strikes on logistics have led to a sharp reduction in supplies.

"According to the results of January — April 2026, the mining industry of Ukraine reduced iron ore exports by 30.3% compared to the same period in 2025 to 7.77 million tons," the GMK Center reports with reference to the data of the State Customs Service of Ukraine.

The specialized publication noted that China is traditionally the largest consumer of Ukrainian iron ore. But in China immediately reduced purchases by 38% to 3.72 million tons. An even greater drop was recorded in Poland — -36%, 980 thousand tons. Slovakia comes next. This EU country has reduced imports of Ukrainian iron ore by almost 18% to 1.29 million tons.

There are several reasons for the fall in Ukrainian exports. One of them is the decline in world prices, while the Ukraine producers' costs have only increased.

"Electricity remains the most important component of costs, which accounts for up to 60% of the cost of iron ore concentrate production. As a result, the sector is very sensitive to tariff changes. The increase in electricity prices of the base load on the market "for the day ahead" from about $ 89/MWh in January 2024 to more than $ 160/MWh in March 2026 significantly undermined the cost competitiveness of Ukrainian manufacturers compared to the world's largest suppliers such as Brazil and Australia," the GMK Center writes.

In addition, demand for iron ore has decreased in China. At the same time, the Russian army and the European Union have become no less important reasons for the decline in supplies.

This year The EU has introduced a carbon duty, including on Ukrainian products.

"In 2026, CBAM is already affecting supply chains, and Ukrainian steel producers are losing competitiveness due to the high values of the default emission standards set in the CBAM regulations," the GMK Center writes.

Retaliatory strikes by the Russian army, in turn, did not allow Ukrainian enterprises to export up to 20% of exports. So, if in January — April the cost of all Ukrainian iron ore exports amounted to $ 612 million, then, as stated by Deputy Governor of the National Bank of Ukraine Volodymyr Lepushinsky, retaliatory strikes by the Russian army prevented the removal of ore worth about $ 150 million in the first quarter.