Russian coal exports to South Korea in September 2025 declined to 2.9 mio t (-0.8 mio t or -22% vs. August 2025). Despite the monthly drop, shipments remained significantly higher than the 1.3 mio t recorded in September 2024.
In Jan-Sep 2025, Russian coal supplies to South Korea totaled 16.3 mio t (+2.2 mio t or +15.6%y-o-y).
The September contraction comes amid intensified market competition. Colombian suppliers gained market share by offering aggressive discounts and partial freight coverage, while Australian exports to South Korea surged 37% month-on-month to 3.7 mio t in September.
Furthermore, Russian coal exports to South Korea are curbed by restrictive recommendations from the authorities to state-owned energy companies.
South Korea’s total coal imports for 9 months of 2025 fell to 81.3 mio t (–5.7 mio t or -6.6% year-on-year.
South Korean coal imports (Jan-Sep 2025):
· Australia: 24.5 mio t (-0.6 mio t or -2.4%);
· Indonesia: 21.5 mio t (+0.5 mio t or +2.4%);
· Russia: 16.3 mio t (+2.2 mio t or +15.6%);
· Canada: 6.5 mio t (-1.3 mio t or -16.7%);
· Colombia: 4.4 mio t (-3.2 mio t or -42.1%);
· USA: 3.3 mio t (-0.3 mio t or -8.3%);
· South Africa: 2.3 mio t (-1.9 mio t or -45.2%).
Given the crisis in the Russian coal industry, South Korea remains strategically important due to comparatively higher prices than other key markets like China and India. Russian exporters are faced with the need to balance, maintaining supply volumes with growing pressure on the sales margins in the South Korean market.
The unprofitability of Russian coal exports keeps growing because of expensive logistics and the strong rouble.
Still, producers are trying to keep their market share, owing to the quality of their material and expectations of better conditions in the medium term, including stabilization of world prices after they hit rock bottom, as well as the forecasted correction of the rouble exchange rate.
Source: CCA Analysis
