South Korea's coal imports dropped for the third consecutive month in November, largely due to seasonal demand weakness and declines in major supply sources, even though the imports remained higher than year-ago levels for the fifth straight month.

The country imported 9.64 million tonnes of coal in November, up 7.64% from 8.96 million tonnes a year earlier but down 4.46% from 10.09 million tonnes in October, the latest customs data showed.

The sequential decrease in recent months was partly attributed to seasonal factors. In addition, South Korean power plants adopted a cautious procurement stance in anticipation of the restart of nuclear power capacity, echoing a trend seen in Japan. Utilities appeared to be digesting existing coal inventories and slowing fresh imports.

November saw a slight uptick in both power capacity and demand. Total operational power capacity rose 10.56% month on month (MoM) to 95.7 GW, down 1.87% year on year (YoY). Peak electricity demand reached 76.2 GW, a 4.03% increase MoM yet a 3.67% drop YoY. Coal-fired capacity remained stable MoM at 41.3 GW, while solar and wind installations grew by 231.01 GW MoM.

Many power plants might made pre-emptive stockpiling in October and slowed down imports in November, ahead of government-imposed winter restrictions on coal-fired power. From December 2025 to March 2026, the country planned to impose seasonal curbs, including the shutdown of up to 17 coal units and restricting 46 others to 80% capacity. These are likely to suppress short-term coal import volumes.

In addition, South Korea is diversifying its energy supply sources to reduce reliance on Russian coal. November marked a significant reduction in the proportion of coal imports from the country's top three traditional suppliers, Australia, Indonesia, and Russia.

Korean buyers are increasingly sourcing from non-traditional suppliers such as South Africa and Colombia, driving the YoY growth in November.

The coal imports were worth $1.09 billion in November, down 2.49% YoY but up 8.12% MoM. That put the average import price at $113.07/t, down 9.41% YoY yet up 13.16% MoM.

Over January-November, coal imports in South Korea totaled 101 million tonnes, down 3.99% YoY, narrowing 1.08 percentage points compared to January-October. The imports valued $11.36 billion, declining 24.67% YoY. The average import price was calculated at $112.27/t, dropping 21.54% YoY.

Breakdown by coal type, thermal coal (other bituminous coal and other coal) imports stood at 6.38 million tonnes in November, growing 4.52% YoY but sliding 14.69% MoM. The imports accounted for 67.63% of the total, lower than 75.53% in October.

South Korea imported 2.30 million tonnes of coking coal in November, up 10.88% YoY and surging 65.89% MoM, taking up 23.88% of the country's total coal imports.

PCI coal inflows came in at 498,800 tonnes, rising 35.18% YoY yet falling 33.34% MoM, making up 5.17%. Anthracite imports amounted to 319,600 tonnes in November, up 21.58% YoY but down 3.98% MoM.

By origin, Australia, Indonesia, Russia, Canada, and Colombia were the top five suppliers to South Korea in November, accounting for 88.7% of the total coal imports, far lower than 97.06% in October.

South Korea imported most coal from Australia at 3.16 million tonnes in November, rising 21.8% YoY but falling 21.03% MoM. It accounted for 32.75% of the total, below 39.62% a month ago.

Indonesia was the second largest supplier, with shipments at 2.23 million tonnes, sinking 12.39% YoY and 17.61% MoM, taking up 23.08% of the total.

Coal imports from Russia totaled 1.87 million tonnes in the same month, gaining 51.66 % YoY but dropping 10.2% MoM. The import volume represented 19.4% of the total.

Coal intakes from Canada and Colombia were 649,900 tonnes (+2.93% YoY, +102.77% MoM) and 649,000 tonnes (-34.75% YoY, -6.11% MoM) in November, respectively.

Additionally, South Korea imported 70,600 tonnes of coke in November, 4.7 times higher YoY yet down 7.9% MoM. The country spent $11.30 million on coke imports, soaring 154.77% YoY but falling 3.1% MoM. The average import price was $160.11/t, down 45.82% YoY yet up 5.21% MoM.

Over the first 11 months, South Korea imported a total 395,200 tonnes of coke, growing 124.75% YoY. The cumulative import value was $75.80 million, up 30.49% YoY.