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commodity, as compiled by the World Association of Steel Producers (Worldsteel). As well, steel production in the Russian Federation increased to 75.8 million tons (+5.6%) in 2023, almost reaching the historical record established in 2021 (76 million tons). Despite economic sanctions, the Russian Federation ranks fifth among the world's largest steel producers.
9.1.12 Other sector news
The fertilizer market in Ukraine will change, and prices might increase in 2024. The fertilizer market in Ukraine will change radically following newly introduced customs inspections to determine the origin of imported goods and enforce the transition to domestic products. “Fertilizer consumption is skewed towards nitrogen fertilizers. In total, Ukraine used 4.35 million tons of fertilizers in 2023," the analysts stated. Commenting on the situation at the border, the experts recalled that since January 4, 2024, all border custom checkpoints began checking all types of cargo with fertilizers to determine their country of origin. Analysts cite the oversaturation of the markets surrounding Ukraine with Russian fertilizers as the reason for these measures. At the same time, there is also good news on the domestic market: fertilizer stocks of both traders and producers have reached 80%-85% of market needs for the beginning of the season, considering current demand. However, farmers should not expect a decrease in fertilizer prices but rather an increase, owing to the shortage of local production and logistics costs.
The Ukrainian wood market grew by at least 30% last year. In 2023, the trade volume in the wood market increased by 30%-40% compared to the previous year, according to the Ukrainian Energy Exchange. The result was influenced by an increase in market participants to more than 4,000. In addition, the market has emerged from the shadows, and trading volumes have become more transparent, so the trading dynamics demonstrated more positive movement.
94 UKRAINE Country Report February 2024 www.intellinews.com