Page 103 - RusRPTJan22

was unchanged at 182,157 cars; prices were at RUB4.0-4.5mn.
Outlook. In November, the 3% y/y expansion of volumes was above RZD’s expectations. For December, the monopoly expects the same growth, 3% y/y. While coal prices have fallen from their peak, they are still 3x above breakeven. Coupled with strong demand in Asia and Europe, this continues to support gondolas. We also note the news that China has banned non-container cargos from Russia at some land border points in an attempt to curb the spread of COVID. According to RZD, this affects less than 1% of the railcar fleet, and thus is unlikely to change the trends, in our view.
9.1.13 Other sector news
103 RUSSIA Country Report January 2022 www.intellinews.com