❗️▶️ One of #Russia's largest raw materials industries is on the brink of financial collapse! 
▶️ The Russian #coal industry - one of the largest raw materials industries in the national economy, comprising more than 30 individual industrial towns and 650,000 employees (including affiliated companies) - is heading for a serious crisis.
▶️ According to Rosstat, net profit in the coal mining sector plummeted by 93% between January and April. Less than half of the companies in the sector ended the first four months of 2024 in the black, compared to two-thirds of them a year ago,
and their total financial result fell to 72 billion roubles. Every second company became unprofitable (52.4%), according to official statistics, with cumulative losses over the four months reaching RUB 58 billion.
▶️ As a result, the break-even profit of coal mines from January to April was only 14.3 billion roubles - almost 200 billion roubles less than in the same period last year.
Cut off from Western markets by the sanctions, coal companies are rapidly losing customers in countries that the Kremlin describes as "friendly".
At the end of the first quarter, Russian coal exports fell by 13%, while the decline in March reached 17%, according to experts at Gazprombank's Price Index Centre (PIC).
▶️ Mining companies lost about 3 million tonnes of exports every month and prices for Russian coal plummeted to a three-year low: $95 per tonne in the Far East ports (-6% year-to-date), $72 per tonne in Taman (-13% year-to-date) and only $61 in the Baltic ports (-14%).
• • •
Missing some Tweet in this thread? You can try to
force a refresh
