Russia's thermal coal exports to South Korea surged in July, reaching 2 million metric tons compared to just 700,000 MT from Colombia[1][2].
This increase was driven by several factors, including unfavorable weather conditions disrupting Colombian coal production, higher freight costs making Colombian exports less competitive, and Russia's abolition of export tariffs on thermal coal[2]. South Korean buyers preferred Russian coal due to its competitive pricing and stable supply[2][3]. As a result, Russia's market share in South Korean thermal coal imports reached a record high of 29% in July[3].
Citations:
[1] https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/coal/072624-russias-thermal-coal-exports-to-south-korea-outpace-colombian-supplies
[2] https://energynews.pro/en/russian-thermal-coal-exports-surpass-those-of-colombia/
[3] https://www.argusmedia.com/en/news-and-insights/latest-market-news/1972862-south-korea-lifts-russian-coal-imports
[4] https://thecoalhub.com/russian-coal-exports-to-south-korea-up-21-in-2022.html
[5] https://www.spglobal.com/commodityinsights/en/market-insights/latest-news/coal/050124-removal-of-export-duty-may-lift-demand-for-russian-thermal-coal