Ukraine has one of the largest iron ore reserves in the world, ranking first by crude iron ore reserves (30,000mt at 30% iron ore content).
Ukraine ranks third after Brazil and Russia by reserve iron ore content with the content of iron in Ukrainian ore below the world average of 49%.
CEE countries are the traditional export markets accounting for up to 90% of Ukrainian iron ore export.
These markets have limited growth potential for Ukraine due to steel industry covenants imposed on new EU members.
China remains the most promising and fastest-growing export market for Ukrainian iron ore producers.
Deliveries to China are limited by a lack of developed seaport infrastructure in Ukraine.
As a result of stable iron ore consumption in CEE and underdeveloped seaport infrastructure for exports to China, the share of iron ore exports has declined slowly in recent years.
Whilst there is a global shortage of iron ore, Ukraine is in a position of surplus, favoring local steel producers.
Huge advantage of Ukrainian iron ore raw materials (IORM) is that they are much cheaper comparing to its competitors from Brazil or Australia.
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