Black Sea deadlock hits steel industry giants as Ukraine’s iron ore exports collapse
The closure of the Greater Odesa seaports has halted Ukrainian iron ore exports, cutting off billions of dollars in annual revenue and threatening the financial stability of the country's steel sector.
Russia's grain exports dropped by 37.6% in July 2026 compared to the same month in 2025, according to the Russian Grain Union. The main cause of the decline was disruptions in the Azov-Black Sea region. Wheat shipments dropped to 1.8 million metric tons from nearly 2.2 million metric tons a year earlier, while corn exports fell to 146,300 metric tons from 521,400 metric tons.
Barley shipments plummeted to 101,400 metric tons from 567,000 metric tons. The Russian Ministry of Transport set up a specialized headquarters to coordinate cargo transportation due to the tense situation in the Sea of Azov. Despite the overall decline, exports to African nations like Kenya and Sudan increased. The number of Russian companies exporting wheat dropped to 20, down from 36 in 2025.
Grain and leguminous crops were exported through 21 ports, down from 38 ports. Novorossiysk remained the leading port, but its shipment volumes fell by 23.7%. The decline in shipments occurred even though Russian wheat remained competitive in the global market, with a price discount of $35 per metric ton as of Aug. 1.
Written by urgent.news from New Voice of Ukraine's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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