- The drop in world coal prices, duties and higher railway rates have pushed Russia's coal industry to the brink of bankruptcy, Vedomosti report citing local analysts. The sector's pretax losses are estimated at RUB 34bn this year, compared to a profit of RUB 357bn in 2023. In light of this, the Energy Ministry is considering anti-crisis measures, including new agreements to ship coal and discounts on railway rates.
- Russia ramped up imports of alumina from China by 43% y/y in the first nine months of 2024, including 60% in September alone, customs data showed as per Vedomosti. Russian aluminum giant UC Rusal, which has had problems with alumina supplies from its own plants abroad since 2022, has turned to imports from China.
- Security Council Secretary Sergei Shoigu visits the UAE for talks with President Mohamed Bin Zayed Al Nahyan. There are no local data releases scheduled for today, with unemployment rate, real wage and retail sales data for September all due Wednesday.
RUSSIA: Drop in Coal Prices Pushing Domestic Industry to Brink of Bankruptcy
Last updated at:Oct-28 08:28By: Hiren Ravji
Russia
- The drop in world coal prices, duties and higher railway rates have pushed Russia's coal industry to the brink of bankruptcy, Vedomosti report citing local analysts. The sector's pretax losses are estimated at RUB 34bn this year, compared to a profit of RUB 357bn in 2023. In light of this, the Energy Ministry is considering anti-crisis measures, including new agreements to ship coal and discounts on railway rates.
- Russia ramped up imports of alumina from China by 43% y/y in the first nine months of 2024, including 60% in September alone, customs data showed as per Vedomosti. Russian aluminum giant UC Rusal, which has had problems with alumina supplies from its own plants abroad since 2022, has turned to imports from China.
- Security Council Secretary Sergei Shoigu visits the UAE for talks with President Mohamed Bin Zayed Al Nahyan. There are no local data releases scheduled for today, with unemployment rate, real wage and retail sales data for September all due Wednesday.
