The agenda for the meeting is expected to include the upcoming parliamentary confirmation hearing for Prime Minister-nominee Lee Nak-yon, North Korea's relentless saber-rattling and Moon's push to secure extra budget to create jobs, observers said.
He added: "Combining nuclear warheads with ballistic technology in the hands of a volatile leader like Kim Jong Un is a recipe for a disaster".
The US said on Tuesday it believed it could persuade China to impose new United Nations sanctions on North Korea and warned that Washington would also target and "call out" countries supporting Pyongyang.
Trump has called for an immediate halt to North Korea's missile and nuclear tests and US Disarmament Ambassador Robert Wood said on Tuesday that China's leverage was key and Beijing could do more.
The missile on Sunday was deliberately fired on a "lofted" trajectory - reaching more than 2,000 kilometers (1,200 miles), which is higher than satellites in low Earth orbit - to test re-entry capabilities and place its "splash zone" in the open Pacific.
South Korea calls for reopening of the intra-Korean communication channel that was cut off in 2016 after North Korea's nuclear and missile tests, South Korean Unification Ministry's spokesman Lee Duk-haeng said on Wednesday. Hong said South Korea had not yet received official word from the United States on whether Seoul should pay for an anti-missile U.S. radar system that has been deployed outside Seoul.
"We are willing to talk, but not until we see a total stop of the nuclear process and of any test there", the USA envoy, Nikki Haley, told reporters ahead of a closed-door Security Council meeting. "We will make sure that everyone knows who you are and we will target those sanctions towards you as well", she told reporters.
The Security Council on Monday condemned the North's latest missile test and warned of new sanctions.
The statement also urged other nations to implement greater sanctions against Pyongyang in a bid to rein in its nuclear weapons and missile development programs.
"That's what we are working on now".