In an interview with Nikkei Asia, Lucio Genovese, chairman of Swiss-headquartered miner Ferrexpo, whose main interests are in Ukrainian iron ore assets, stated that the company will resume exporting iron ore pellets to Japan within the next few years with the reopened trade route through the Black Sea. The reopened ports will also enable the country to increase its global exports this year.
Emphasizing that before the Russian invasion, Ferrexpo accounted for 10 percent of Japan’s demand for iron ore pellets, Mr. Genovese stated that the company’s exports the country has been halted due to the blockade at Black Sea ports as a result of Russian aggression.
In 2023, Ferrexpo’s iron ore production totaled 4.1 million mt, down by 33.5 percent, while its pellet output amounted to 3.84 million mt, decreasing by 36.5 percent, both year on year, as SteelOrbis previously reported.