January 4, 2025 - Turkey's thermal coal imports continued to fall in November, as they did in October, after rising in September, according to Turkish Statistical Institute, or TUIK, data published Jan. 3, as buyers remained on the sidelines amid sufficient inventories, according to market sources.

In November, Turkey imported 2.8 million mt from Russia, Colombia, Kazakhstan, South Africa, the US and Iran cumulatively, the data showed. Turkey's October thermal coal import volumes have dropped 11% on the month and 3% on the year, the data showed.

Since October, thermal coal import volumes have declined due to reduced demand from the power plant sector. In October, Turkey imported a total of 3.1 million mt from Russia, Colombia, Kazakhstan, South Africa, the United States, and Iran, according to the data.

Russia, the leading supplier of thermal coal to Turkey, saw its exports to Turkey fall month on month in both October and November after having risen 14% in September, as Russia-based suppliers continued to face logistical and operational challenges leading to tight supply in the Russian thermal coal in the spot market, according to market participants.

Turkey imported 1.9 million mt of Russian thermal coal in November, up 10% on the month and 15% on the year, the TUIK data showed. In October, Russia exported 2.1 million mt of thermal coal to Turkey.

Tight Russian thermal coal supply caused prices for delivered coal into Turkey to increase in recent months, while some suppliers have refrained from offering spot cargoes and instead were looking to sign long-term contracts, sources said.

Platts, part of S&P Global Commodity Insights, assessed CIF Med 45,000 mt 6,000 kcal/kg NAR, Russian origin only, coal at an average of $108.60/mt in November, up from October's average of $106.25/mt.

The uptick in prices for Russian coal delivered to Turkey, coupled tight spot cargo availability, prompted buyers in Turkey to diversify their supply, which meant imports of South African, and the US thermal coal increased in November.

After receiving zero thermal coal shipments from South Africa in October, Turkey imported a total of 75,629 mt in November, marking the highest volume for 2024, the TUIK data showed.

Meanwhile, Colombia's thermal coal exports to Turkey continued to fall on month since October, dropping 21% to 668,065 mt, but the volume was up 32% year on year, the TUIK data showed. In October, Colombia exported 840,674 mt of thermal coal to Turkey, down 21% on month and up 68% on year.

Platts assessed CIF Med 75,000 mt 6,000 kcal/kg NAR, non-Russian origin, coal prices at an average of $94.20/mt in November, up from the average of $94/mt in October.

The US thermal coal found its way into Turkey for the fourth consecutive month, and Iran also exported product to Turkey. The flows from the US and Iran totaled 42,894 mt of thermal coal cumulatively in November and 7,486 mt in October.