Ukraine's Metinvest Optimistic About Iron Ore Exports

Unlocking Big Odesa Ports: Boosting Iron Ore Exports

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Unlocking the potential of the Big Odesa ports for iron ore exports is an imperative that cannot be overlooked. In recent times, there has been a glimmer of hope in the market, thanks to the departure of vessels laden with ore from these ports, as highlighted by Yuri Ryzhenkov, the CEO of Metinvest.

Traditionally, European markets have been a significant destination for Ukrainian iron ore products, accounting for no less than 10% of our exports. This substantial volume has primarily been transported by sea, utilizing the Pivdenniy and Chornomorsk ports.

The unfortunate closure of these vital ports has had a crippling effect on our manufacturing facilities. Currently, our plants are operating at just 35-40% capacity, and some of our industry peers, such as Poltava GOK and AMKR, are grappling with even lower utilization rates. In light of these challenges, the only viable path forward is to reopen the Big Odesa ports, according to Ryzhenkov.

It is worth noting that one of the vessels that recently set sail was laden with Metinvest ore, marking a significant step in the right direction. However, it's important to acknowledge that this represents a new route that we cannot entirely rely on at this stage. To ensure its sustainability, our Intelligence Service and Navy have been diligently working on this route for the past eight months. The departure of these ships is a positive development, but it's clear that there is still much work ahead to establish this route as a dependable and consistent option," Ryzhenkov added with optimism.

Source : Ukrainian metal