South Korea turns away from Russian coal, boosts imports from Colombia

South Korea has begun reducing its imports of Russian thermal coal, turning instead to supplies from Colombia.

The shift is driven by lower prices and the absence of sanctions-related risks, Caliber.Az reports, citing foreign media.

Changes in South Korea’s coal demand patterns became apparent in the autumn. Earlier this year, Russia led in coal exports to South Korea, shipping 3.76 million tonnes over the summer.

However, volumes began to decline in September, falling 14% from August to 2.7 million tonnes. By mid-October, the drop had become more pronounced. Meanwhile, Colombian shipments nearly doubled to 1.3 million tonnes, with 310,000 tonnes delivered to Seoul.

Estimates from the Institute of Energy and Finance suggest that Russia exported 1.1 million tonnes of coal to South Korea between October 1 and 20. Analysts expect monthly volumes to fall below September levels.

Competition is also rising from other major suppliers. In September, Australia increased its exports to South Korea by 39.2% to 3.64 million tonnes, while Indonesia’s shipments fell by 20.5% to 2.86 million tonnes.

By Aghakazim Guliyev