Mongolia's 2025 coal exports top annual target, set new record high

Mongolia's cumulative exports of coal and lignite reached 90.02 million tonnes in 2025, achieving 106% the government's annual target for last year of 85 million tonnes, according to data from the country's Customs General Administration (CGA). Moreover, by climbing by 7.5% from the 83.75 million tonnes total reached in 2024, last year's volume also set a record high for Mongolia's coal exports.

Among the total, exports of all types of coal – comprising anthracite, bituminous coal, mainly coking coal for steelmaking, and other coal – accounted for 84.26 million tonnes, with the remaining 5.76 million tonnes being lignite. The totals were up 6% and 36% respectively from the previous year, according to the CGA data.

The total coal export volume, however, varies slightly from that for the breakdown by coal type that the CGA provided at the same time, Mysteel Global observed.

According to the detailed data, the country's exports of anthracite, bituminous coal and other coal in 2025 totalled 406,332 tonnes, 79.96 million tonnes and 3.59 million tonnes respectively, leading to a combined coal and lignite export volume of 89.71 million tonnes, Mysteel Global calculated. The adjusted volume still topped Mongolia's 2025 target by 5.5% though.

China remained the primary export destination for Mongolian coal last year, receiving almost all the cargoes expect for the 10 tonnes of lignite that were shipped to Russia in May, according to historical data.

The ample exports, nevertheless, seemed to have weighed heavily on Mongolian coal prices. Data showed that the total value of Mongolia's coal and lignite exports last year settled at $5.77 billion, down sharply by 33.7% from the previous year.

As such, the average export price also slumped by 38% or $39.76/t on year to $64.09/t in 2025, Mysteel Global calculated.

Meanwhile, coal exports from Mongolia to China are expected to increase further in the years ahead. During a high-level meeting with Chinese officials in November, Mongolian Prime Minister G. Zandanshatar had reiterated his country's plan to increase coal exports to China to 100 million tonnes in the future, according to Chinese media.

In December alone, Mongolia's exports of anthracite, bituminous coal, other coal and lignite reached 60,267 tonnes, 9.74 million tonnes, 490,823 tonnes and 332,280 tonnes respectively, equivalent to a total of 10.62 million tonnes, according to Mysteel Global's calculation based on the CGA data. The volume marked the highest monthly export total for any month last year.

Written by Adrian Zhou, zhouwenhaoa@mysteel.com

Edited by Russ McCulloch, russ.mcculloch@mysteel.com