China’s coal imports from Mongolia surged to an all-time high of 9.29 million tons in September 2025, marking the largest monthly volume since official records began in 2015.
The milestone reflects not only a numerical record but also a strategic realignment in Northeast Asia’s coal supply structure, underscoring Mongolia’s growing role as China’s key overland energy partner.
Compared to the same month last year, imports rose 33% year-on-year, even as China’s total coal imports declined by 11% during the first nine months of 2025 — signaling a clear shift in supplier preference rather than a surge in overall demand.
Key Figures
- Monthly import volume: 9.29 million tons
- Year-on-year growth: +33%
- Highest monthly level since 2015
- Growth despite a nationwide decline in total coal imports
The data suggests that China’s import structure is evolving, favoring low-risk, short-haul logistics routes such as those from Mongolia amid a broader strategy to stabilize domestic supply and reduce exposure to global shipping volatility.
Policy-Driven Shift in Supply
Analysts attribute the surge to China’s internal policy adjustments aimed at addressing supply imbalances and price volatility in the domestic coal sector.
In recent months, Chinese regulators have launched measures to curb overproduction and stabilize market competition, including:
- Suspending operations at 15 mines in Inner Mongolia found to be exceeding production quotas.
- Offsetting short-term supply gaps through increased imports, particularly from neighboring Mongolia.
These actions form part of a broader campaign to counter the effects of industrial overcapacity and unsustainably low domestic prices across several sectors.
Following these restrictions:
- Thermal coal prices rose to their highest level in eight months.
- Coking coal futures increased by 30% since July 2025.
The resulting price surge made Mongolian coal — transported overland with lower freight costs — an economically attractive option for Chinese buyers seeking to secure stable, cost-efficient supply sources.
