The EU and the US accounted for the bulk of Ukrainian product consumption
In January-February 2026, Ukrainian steel enterprises increased their exports of commercial pig iron by 88.4% compared to the same period in 2025, to 288.14 thousand tons. This is evidenced by GMK Center calculations based on data from the State Customs Service.
During this period, 258.04 thousand tons of pig iron were shipped to the US, which is 123.7% more year-on-year, 26.5 thousand tons to Italy (+32.6% year-on-year), and 2.27 thousand tons to Poland (-70.7% year-on-year).
In February, shipments increased by 107.2% month-on-month and 698% year-on-year to 194.34 thousand tons. The US market received 177.21 thousand tons of pig iron (+119.2% m/m; 0 thousand tons in February 2025), while Poland received 0.5 thousand tons (-73.2% m/m; -84.9% y/y). Italy imported 16.5 thousand tons of products (+65% m/m).
Revenue from pig iron exports for two months amounted to $105.23 million, up 74% y/y. In February, the figure rose by 102.3% m/m and 691.8% y/y, to $70.42 million.
The growth in exports in January-February 2026 is largely explained by the low base of comparison, as in February 2025, shipments fell to their lowest level since December 2022, primarily due to the virtual absence of deliveries to the US, which is a key market for Ukrainian pig iron. At the same time, in 2026, the US market once again became the main driver of exports.
It should be recalled that in 2025, Ukrainian steel companies increased exports of commercial pig iron by 53.5% compared to the same period in 2024, to 1.98 million tons. Revenue from pig iron exports for the year amounted to $759.88 million, up 51.9% year-on-year.
During the period, 1.33 million tons of pig iron were shipped to the US, up 41.6% yy, to Italy – 416.31 thousand tons (+346.3% y/y), to Poland – 61.37 thousand tons (-2.7% y/y), to the Netherlands – 52.03 thousand tons.
In Q4, pig iron exports increased by 35.7% compared to the same period in 2024 and by 11.9% compared to the previous quarter, reaching 579,470 tons. This is the highest quarterly figure since the start of the full-scale invasion.
Source: https://gmk.center
