South Korea's imports of thermal coal (bituminous and sub-bituminous coals) fell 18.42% from the year-ago level and 13.6% from July to 7.44 million tonnes in August, according to South Korean customs authority.
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South Korea imported 7.3 million tonnes of bituminous coal in August, falling down 19.95% year on year and 13.79% month on month.
South Korea imported the largest amount of bituminous coal totaling 2.54 million tonnes from Australia in August, rising 12.53% year on year and 29.52% month on month.
Import from Indonesia was 1.53 million tonnes, sliding 34.58% from the year prior and plunging 43.79% month on month.
South Korea took 1.42 million tonnes of bituminous coal from Russia, sliding 39.02% from the year-ago level and 26.06% from the month-ago level.
The value of bituminous coal import amounted to $427 million in August, down 13.5% from July. The average import price was calculated at $58.5/t, a year-on-year decrease of 20.13% but a monthly rise of 0.34%.
In August, South Korea imported 140,600 tonnes of sub-bituminous coal, a month-on-month drop of 2.23%, but much higher than 1,500 tonnes a year ago.
South Korea took 139,500 tonnes from Indonesia in the month, decreasing 1.9% month on month.
The value of sub-bituminous coal import reached $6.12 million in August, a fall of 5.35% from July. The average import price was $43.5/t in August, plunging 84.81% from $286.32/t a year ago, and dropping 3.2% from $44.94/t in July.
On September 8, President Moon Jae-in declared that South Korea is scheduled to shut down 30 coal-fired power plants by 2034.
A research conducted by Korea Energy Economics Institute stated that in coming years, the country's reliance on coal will keep reducing at an annual rate of 0.7 percentage points. By 2024, the share of coal in the country's total energy consumption is likely to drop below 25%.
(Writing by Rebecca Liu Editing by Harry Huo)
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