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Export Duties on Coal Cancelled Through Aug 31

RUSSIA
  • Russia’s government on Sunday waived export duties on coal for four months in a bid to support its domestic industry, Bloomberg report. The duties will be cancelled from May 1 through Aug 31, the government said in a statement. It had previously waived the duties in December before re-imposing them from March. The tariffs were supposed to remain in effect until February 2025 and were flexible, set at a range of 4% to 7% depending on the ruble’s exchange rate.
  • According to Kommersant, Russian oil companies in April reduced overall fuel production relative to last year’s levels, but gasoline supplies to the domestic market have nevertheless increased by almost 7%. The newspaper add that the reduction in fuel output is mainly due to repairs at refineries.
  • There are no economic releases scheduled for today, with the docket thin for the remainder of the week also. Manufacturing PMI data for April (Est: 54.6; Prior: 55.7) is set for release on Thursday and is the only data point of note this week.
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