South Korea has reduced its imports of Russian thermal coal, shifting to supplies from Colombia due to lower prices and the absence of sanctions-related risks, according to data from NEFT Research. The demand structure began to change in the fall.
Russian coal producers, who dominated the South Korean market in the summer with exports of 3.76 million tons, have faced competition from Colombia — Colombian suppliers often offer more favorable terms by covering part of the freight cost or providing discounts to strengthen their market position, while the lack of sanctions gives them an additional advantage.
In September, Russia’s coal exports to South Korea fell by 14% to 2.7 million tons compared to August. The decline became even more noticeable by mid-October. In the first week of the month, Colombia nearly doubled its coal shipments to 1.3 million tons, of which 310,000 tons were sent to Seoul.
According to Alexander Titov, an expert at the Institute for Energy and Finance, Russia delivered 1.1 million tons of coal to South Korea between October 1 and 20. As a result, total exports for the month are expected to decline compared to September.
