DBX Global Coal Fundamentals Report November 2025

Thermal coal markets continued to tighten into November as winter demand builds and inventories draw down across Northeast Asia.

The DBX November 2025 Global Coal Fundamentals report is out, and it highlights several key dynamics :

1. China enters winter with tightening inventories

• Port stocks eased month-on-month while power-station inventories increased modestly, reinforcing continued reliance on seaborne inflows.
• Thermal imports reached ~32.8 Mt, well above the long-term seasonal average.

‍2. Japan & Korea see consecutive inventory declines

• Japan’s thermal coal inventories dropped to ~7.2 Mt, while South Korea’s combined thermal + met coal stocks declined sharply to ~4.7 Mt — the lowest since early 2024.
• Both countries are heading into winter well below typical seasonal buffers, increasing procurement sensitivity.

‍3. Indonesia faces potential export tightness

• Exports eased to ~44.3 Mt as new RKAB approval rules and tighter compliance checks slow issuance — a growing supply-side risk.
• Australia remained steady at ~18.8 Mt thermal and ~13.2 Mt metallurgical.

4. Europe & MENA remain structurally soft

• Thermal imports fell to ~7.5 Mt as strong renewables output, ample inventories, and gas/nuclear availability continue to limit spot procurement.

DBX View

• Thermal coal enters Q4 with a bullish tilt, driven by tightening inventories, seasonally stronger burn, and elevated supply-side uncertainty across key exporters.
• Metallurgical coal remains range-bound, supported by restocking and supply risks but held back by weak steel margins.

‍

If you’d like a 10-minute walkthrough of DBX’s real-time coal flow and inventory trackers , powered by satellite imaging and AI: Request a Demostration

Request to access to this report

‍