Russia's 8.5% rail tariff indexation from Oct 1, 2026, will deteriorate exporters' margins despite relatively high export prices. According to estimates by Metals & Mining Intelligence, netbacks for Kuzbass thermal coal exporters at the Far Eastern ports will decline 7-12% depending on calorific value. The netback for 6,000 Kcal/kg NAR coal at the Baltic ports will drop 11%. In addition, terminal handling rates at the Baltic ports are boosted by stronger shipping demand amid export disruptions through the Black Sea ports.